Vivint Solar Reports Upbeat Q2 Earnings
Following declines in three straight quarters, Vivint Solar looks to recover following failed acquisition by SunEdison.
LEHI, Utah – Vivint Solar (NYSE: VSLR) reported second quarter revenue of $34.9 million on Monday, beating analysts’ consensus estimate of $24.9 million.
The nation’s the second-largest U.S. solar panel installer reported earnings per share of 49 cents for the quarter, down from 85 cents in the same period in 2015. Analysts estimates compiled by Bloomberg expected a loss of 56 cents per share.
Vivint Solar reported it added 61 megawatts of rooftop solar panels in the second quarter, just outpacing its 60-megawatt target. By comparison, installations eclipsed 55 megawatts in the first quarter.
The company has struggled mightily since agreeing to be acquired by SunEdison last year. The roughly $2 billion transaction was never completed and Vivint Solar canceled it in March, calling the process a “distraction” that hindered growth. The second quarter performance marks a key reversal as the company had posted three straight quarterly declines.
“It will take some time before we get to a course and speed that I am proud of,” Vivint Solar CEO David Bywater said in a conference call Monday.
Net income dipped to $12.4 million, or 11 cents per share, in the second quarter, down from $13.7 million, or 12 cents per share, the year prior.
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