Musk’s SolarCity Delays Full Earnings Results, but Revenue Jumps 87 Percent
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Clean energy company SolarCity surprised the market by delaying full fourth-quarter results on Monday. Shares dropped about five percent in after-hours trading.
Tesla Chief Executive Elon Musk is the largest shareholder and chairman of the San Mateo, Calif., company, which leases, sells, installs and manages rooftop solar panels for homes and businesses.
The company attributed the delay to “accounting related to recent acquisitions as well as a change in overhead allocation owing to an increase in the volume of (megawatts) deployed.” It said that full results will be reported on March 3.
The company did report that revenue jumped 87 percent from a year ago, reaching $47.3 million, on strong growth in residential deployment.
“Closing our first full year as a public company, SolarCity executed on each of the targets we set forth at the outset of the year,” CEO Lyndon Rive said in a statement.
“The momentum has continued to build in 2014 with a record number of new residential energy contracts signed in January,” he added.
For the full year, the company said that total megawatts deployed will be in line with earlier guidance. It said it expects to “generate positive cash flow” for the full year, which is not the same as saying it will be profitable on a GAAP basis.