Sunrun Stock Surges 20% After Delivering a Surprise Profit

Tiger Newspress2023-08-03

Shares of Sunrun Inc. were up 20% in morning trading on Thursday after the provider of solar-energy services missed revenue expectations for the second quarter but delivered a surprise profit.

The company posted net income of $55.5 million, or 25 cents a share, whereas it posted a loss of $12.4 million, or 6 cents a share, in the year-prior period. Analysts tracked by FactSet were expecting a 24-cent loss per share. Revenue rose to $590.2 million from $584.6 million, while analysts projected $627.7 million.

“We are seeing a tremendous acceleration in storage attachment rates on new sales, in California and across the country, which provides increased customer value and superior margins for Sunrun, while building a foundation of controllable generation assets that enables a clean energy future for all,” Chief Executive Mary Powell said in a release.

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