SolarCity Doubles Installations, Delays Full Earnings ReportChristopher Martin
SolarCity Corp. more than doubled the amount of solar panels it installed in the fourth quarter and delayed the release of its complete earnings, citing accounting related to recent acquisitions.
The company said it will issue full sales and profit figures on March 3 instead of today, according to a statement. Revenue for the quarter rose 87 percent to $47.3 million.
SolarCity installed a record 103 megawatts of panels in the quarter, up from 48 megawatts a year earlier. That boosted 2013 total installations to 280 megawatts, slightly above the company’s earlier forecast of 278 megawatts.
SolarCity expects to install 78 megawatts to 82 megawatts of panels in the current quarter and reaffirmed its earlier forecast of 475 megawatts to 525 megawatts for the year.
Recent deals include its October purchase of rooftop racking systems maker Zep Solar Inc. for about $158 million and its September acquisition of direct marketer Paramount Energy Solutions LLC for about $120 million.
SolarCity fell 4.1 percent to $75.35 at 5:02 p.m., after the close of regular trading in New York. The shares have more than quadrupled in the past year.