Sunrun reports Q1 EPS (40c), consensus (46c)

Reports Q 1 revenue $458.2M, consensus $468.62M.”We are starting the year with solid momentum in the business as our storage-first, margin-focused strategy is delivering strong results. In the first quarter we beat the high-end of both our storage and solar installation guidance, set new records for storage attachment rates, and delivered another quarter of strong net subscriber values and an increasing mix of subscription services,” said Mary Powell, Sunrun’s Chief Executive Officer. “We are confident in strong growth in installation activities through the year as the fundamental demand drivers of our business continue to be robust. Utility rates continue to rise, due to the stress and strain of climatic events on the grid and the massive utility capital expenditures. Solar and storage equipment costs are declining, while our operating efficiency continues to improve. And most importantly, customers remain eager for clean, affordable and resilient energy to power their lives.” “We remain committed to driving meaningful cash generation as we execute our margin-focused and disciplined-growth strategy. While one-time transaction costs and timing related items impacted Cash Generation in Q1, we expect to recover these timing headwinds in Q2. We are reiterating our strong Cash Generation outlook for 2024,” said Danny Abajian, Sunrun’s Chief Financial Officer.