Sunrun (RUN) earnings Q1 2022 – What We Know!

Sunrun worker Gonzalo Najera carries a photo voltaic panel earlier than set up at a house in Alamo, Calif., Could 17, 2021.

Scott Strazzante | San Francisco Chronicle | Hearst Newspapers | Getty Photographs

Sunrun shares jumped 11% throughout prolonged buying and selling Wednesday after the corporate posted first-quarter earnings outcomes, together with a 39% enhance in buyer orders over the identical time final yr.

Listed below are the numbers, versus estimates from analysts surveyed by Refinitiv:

  • Income: $495.8 million, versus $401.3 million anticipated.
  • Loss: 42 cents per share, versus a lack of 17 cents per share anticipated.

The corporate additionally raised its steering, saying it expects put in photo voltaic capability to be 25% or larger for 2022. Sunrun’s prior steering pegged progress charges at 20%.

Sunrun, which is the biggest residential photo voltaic installer within the U.S., added 29,463 clients through the first quarter, a 20% enhance from the identical interval in 2021. The corporate now has roughly 690,000 clients.

The outcomes come because the business continues to grapple with provide chain headwinds and inflationary pressures. However the firm mentioned it’s efficiently passing alongside a few of its increased prices to shoppers.

“During the last month we efficiently carried out significant pricing modifications to offset increased materials and capital prices, and proceed to see very sturdy demand as utility charge inflation exceeds 11% throughout the nation,” mentioned outgoing chief monetary officer Tom vonReichbauer.

Commodity costs are rising throughout the board, making renewable power extra aggressive with fossil fuels. U.S. pure gasoline costs surged to the very best value since 2008 on Wednesday.

The corporate additionally introduced that vonReichbauer will step down as CFO on the finish of Could. Danny Abajian, who’s presently senior vp at Sunrun, will grow to be CFO efficient Could 30.

Shares of Sunrun are down roughly 30% for the yr by means of Wednesday’s shut.