Sunrun (RUN) Results Q1 2022

Sunrun employee Gonzalo Najera carries a solar panel prior to installation at a home in Alamo, California May 17, 2021.

Scott Strazzante | Chronicle of San Francisco | Hearst Newspapers | Getty Images

Sunrun shares rose 11% during extended trading on Wednesday after the company released first-quarter results, including a 39% rise in customer orders from the same time a year ago.

Here are the numbers compared to estimates from analysts polled by Refinitiv:

  • Revenue: $495.8 million versus $401.3 million expected.
  • Loss: 42 cents a share versus an expected loss of 17 cents a share.

The company also raised its forecast, saying it expects installed solar capacity to be 25% or more in 2022. Sunrun’s previous forecast was for growth rates of 20%.

Sunrun, the largest residential solar installer in the U.S., added 29,463 customers in the first quarter, up 20% from the same period in 2021. The company now has about 690,000 customers.

The results come as the industry continues to grapple with supply chain headwinds and inflationary pressures. But the company said it’s successfully passing on some of its higher costs to consumers.

“Over the past month we have successfully implemented significant pricing changes to offset higher material and capital costs and continue to see very strong demand as utility fee inflation tops 11% across the country,” said outgoing CFO Tom von Reichbauer.

Commodity prices are rising across the board, making renewable energy more competitive with fossil fuels. US natural gas prices rose to their highest since 2008 on Wednesday.

The company also announced that vonReichbauer will step down as CFO at the end of May. Danny Abajian, currently senior vice president at Sunrun, will become CFO effective May 30.

Sunrun shares are down about 30% for the year through Wednesday’s close. Sunrun (RUN) Results Q1 2022

Gary B. Graves

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