- Beaten-down U.S. residential solar installer Sunrun (NASDAQ:RUN) has jumped after posting mixed Q3 results and reporting 55.7MW of solar deployments, up 85% Y/Y on an organic basis and above guidance of 54MW-55MW. Larger rival SolarCity (OTCPK:SCTY), which has been hammered after cutting its 2015 solar installation guidance and providing a lower-than-expected 2016 installation forecast on Oct. 29, is also higher.
- Metrics: Sunrun's full-year guidance of 205MW has been reiterated. Bookings rose 54% Q/Qand 115% Y/Y to 94.5MW, creation cost per watt fell 8% Q/Q to $3.75, and pre-tax project value per watt fell 6% Q/Q to $4.70. Estimated nominal contracted payments rose 56% Y/Y to $2.22B, and estimated retained value 53% to $1.37B.
- Financials: Operating lease/incentive revenue rose 47% Y/Y to $31.7M. Solar energy system/product sales rose 48% to $51M. GAAP costs/expenses rose 56% to $145.4M. Over the past 9 months, op. cash flow has been -$71.9M, and $408.9M in payments have been made for the costs of installed solar systems. Sunrun ended Q3 with $279M in cash, $226M in long-term debt, $133M in credit line borrowings, and $109M in solar asset-backed notes.
- Sunrun's Q3 results, PR