SolarCity to Restate Results to 2012 on Accounting Error
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SolarCity Corp., the most valuable U.S. solar company, delayed the release of its earnings for last quarter and will restate its 2012 and 2013 financial results after finding an accounting error related to the way it calculates overhead expenses.
Correcting the issue will increase the cost of solar-system sales by $16 million to $20 million for the nine months ended Sept. 30 and $20 million to $23 million for 2012, San Mateo, California-based SolarCity said today in a statement. Total overhead costs won’t change, and the company plans to file complete reports by March 18.