SolarCity Plummets 20% Following Earnings Release
Despite an earnings beat, SolarCity Corp (NASDAQ: SCTY) was trading down more than 20 percent in the after-hours session due to cutting Q2 guidance.
Earnings are now projected to be between the range of $(2.80) and $(2.70) per share, underperforming the estimated consensus of $(2.13). Q2 sales also undercut estimates with a guidance range between $134-$143 million against of $149.4 million estimates.
Q1 adj. EPS came in at $(2.56) vs. $(2.31) estimates. Q1 Sales were $122.57 million vs. $108 million estimates.
Cost per watt increased a striking 19 percent from Q4 2015 "largely owing to lower volumes" according to the Q1FY16 shareholder letter. This makes Q1FY16 the third-most costly quarter per installation in the company's history.
Shares traded recently at $17.99, down 20 percent in the Monday's after-hours session.
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