SolarCity Climbs After Forecasting Install Growth of 60%
SolarCity Corp. (SCTY), the solar-power provider led by billionaire Elon Musk, rose the most since its initial public offering last month after saying installations will climb 60 percent this year.
SolarCity climbed 11 percent to $14.40 at the close in New York, the most since the shares began trading Dec. 13. The San Mateo, California-based company has increased 80 percent since it debuted at $8, and has now advanced for nine straight days.
Installations of rooftop solar systems will climb to 250 megawatts this year, up from 156 megawatts in 2012, SolarCity said in a statement yesterday after the close of regular U.S. trading. The company, which builds solar systems on customers’ rooftops and sells them the electricity, reported a $95 million net loss in the 12 months through September.
Chief Executive Officer Lyndon Rive said Dec. 13 that the company will become cash flow positive by the end of this year as new customers generate enough revenue to cover the cost of buying and installing panels. Musk is the company’s chairman, its largest shareholder and Rive’s cousin.
To contact the reporter on this story: Christopher Martin in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Will Wade at email@example.com