Shares of SunRun Inc. fell in extended trading Wednesday after the residential solar-power installer and energy-storage provider reported fourth-quarter results that missed Wall Street’s expectations, making it the latest solar-industry player to take a hit from concerns about weaker demand.
The company reported a fourth-quarter net loss of $535.4 million, or $1.60 a share, compared with a $327.9 million loss — with a per-share profit of 29 cents — in the same quarter that ended in 2022. The fourth-quarter loss for last year was far deeper than the 21 cents per share forecast by FactSet.
Revenue fell to $516.6 million from $609.2 million in the prior-year quarter. Analysts polled by FactSet expected sales of $532.7 million.
In SunRun’s RUN,
“Our strong sales activities and market position gives us confidence that installations will grow considerably from Q1 levels,” she said in a statement.
Still, shares fell 10% after hours on Wednesday.
SunRun installs solar-energy systems, in the form of panels and batteries, at people’s houses, and charges homeowners on a subscription basis.
However, higher interest rates over the past year have it more difficult to borrow money to move ahead with solar installations. California, which accounts for a big chunk of the nation’s solar usage, has cut back on incentives for rooftop solar usage.
SolarEdge Technologies Inc., which makes solar-power equipment, on Tuesday reported a big quarterly sales drop and forecast weaker sales up ahead. The company last month said it would lay off around 16% of its staff.
Shares of SolarEdge SEDG,
