Sunrun Inc RUN shares are trading nearly 20% higher Thursday after the company reported better-than-expected financial results.
Sunrun reported third-quarter revenue of $631.91 million, which beat average analyst estimates of $563.12 million, according to Benzinga Pro. The company reported quarterly earnings of 96 cents per share, which beat average estimates for a loss of 8 cents per share.
“Our team is focused on extending our market leadership position further by focusing on disciplined and sustainable growth with a laser focus on the fundamentals of business success – financial strength, customer obsession, and accelerating innovation,” said Mary Powell, CEO of Sunrun.
Sunrun added 35,760 customers in the third quarter, bringing the total number of customers up to 759,937. Total customers were up 21% year-over-year.
Sunrun management expects solar energy capacity installed growth to be approximately 25% for the full-year 2022. “Total value generated” is expected to be greater than $1 billion in 2022.
- Morgan Stanley analyst Stephen Byrd maintained Sunrun with an Overweight rating and lowered the price target from $79 to $72.
- BMO Capital analyst Ameet Thakkar maintained Sunrun with an Outperform rating and lowered the price target from $40 to $39.
RUN Price Action: Sunrun has a 52-week high of $39.13 and a 52-week low of $16.80.
The stock was up 19.4% at $25.87 at the time of writing.
Photo: PublicDomainPictures from Pixabay.