SunRun Profit Down, Shares Fall 13%

(RTTNews) - Shares of SunRun Inc. (RUN) plunged 13 percent in the extended session Thursday after the solar-power company reported a profit that more than halved from a year ago, despite 31 percent growth in revenues.

San Francisco, California-based SunRun reported second-quarter profit of $7.4 million or $0.06 per share, down from $18.3 million or $0.17 per share last year.

Analysts polled by Thomson Reuters estimate earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter grew to $170.5 million from $130.6 million a year ago. Analysts had a consensus revenue estimate of $167.7 million for the quarter.

In the second quarter, MW deployed increased 20 percent to 91 MW from 76 MW last year, while creation cost per watt was $3.12 in the second quarter compared to $3.37 a year ago, an improvement of 7% year-over-year.

"We continue to gain share, installing a record amount of solar energy and home batteries this quarter, driven by over 40% growth in our direct business," Chief Executive Lynn Jurich said in a statement.

RUN closed Thursday's trading at $14.34, up $0.05 or 0.35%, on the Nasdaq. The stock, however, fell $1.79 or 12.48% in the after-hours trading.