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Latest stubborn U.S. inflation reading will bring about more 'wait and see' from the Fed

SolarCity (SCTY) Stock Falling Over 18% on Q3 Earnings Miss

Madeleine Johnson
Updated

SolarCity Corp (SCTY) is an American company that offers solar power, energy efficiency and electric vehicle design, monitoring and maintenance services to homeowners, businesses, schools, non-profits, and government organizations. The company is well-known because of its Chairman, Tesla Motors founder Elon Musk. SolarCity was founded in 2006 and is headquartered in San Mateo, California.

Currently, SolarCity has a Zacks Rank #3 (Hold), but it is subject to change following the release of the company’s latest earnings report. We have highlighted some of the key statistics from this just announced report below.

SolarCity:

1. Missed earnings estimates. The company posted $-2.10 EPS, missing our Zacks Consensus Estimate of $-1.99 (this number excluldes $1.90 from non-recurring items).

2. Beat revenue estimates. The company saw revenue figures of $113 million, beating our estimate of $107 million, up 95% year-over-year.

3. Posted $239 million of economic value creation in the third quarter.
 
4. Announced two milestones: “First, we officially launched our international expansion with our first installations in Mexico. Second, we became the first solar company to reach 1 GW in annualized distributed solar installations in the U.S.—and likely the world.”

5. SCTY was down $7.08, or 18.60%, to $30.99 as of 5:04 PM ET in after hours trading shortly after its earnings report was released.

Here’s a graph looking at SolarCity’s recent quarterly EPS and growth rate:


Check back later for our full analysis on SolarCity’s third quarter earnings report!

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SOLARCITY CORP (SCTY): Free Stock Analysis Report
 
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