SolarCity Posts Upbeat Q1 Results, But Issues Weak Forecast

SolarCity Corp (NASDAQ: SCTY) reported better-than-expected results for the first quarter. However, the company issued a weak outlook for the second quarter.The San Mateo, California-based company reported a quarterly loss of $21.5 million, or $0.22 per share, versus a year-ago loss of $24 million, or $0.26 per share. Excluding one-time items, the company posted a loss of $1.52 per share, versus a loss of $0.82 per share. Its revenue rose 6 percent year-over-year to $67.5 million. However, analysts were projecting a loss of $1.58 per share on revenue of $57.73 million. The average estimate among 37 Estimize users was for a loss of $1.53 per share and revenue of $58.81 million.Its sales and marketing expenses increased 85 percent to $86.7 million, while G&A expenses climbed 47 percent to $48.7 million.SolarCity reported installations of 153 megawatts in the quarter, versus installations of 82 MW in the year-ago quarter.For the second quarter, the company projects to install 180 MW of solar systems. It also expects Q2 adjusted loss of $1.60 to $1.70 per share, versus analysts' expectations for a loss of $1.48 per share.For the full year, the company expects to install 920 MW to 1,000 MW systems.SolarCity shares fell 1.32 percent to $58.50 in the after-hours trading session.