CORRECTED-UPDATE 2-SolarCity loss steeper than expected, shares dive
(Changes day to Wednesday)
LOS ANGELES, March 6 (Reuters) - SolarCity Corp on Wednesday posted a quarterly loss that was steeper than Wall Street expected while revenue missed forecasts, and shares of the U.S. solar panel installer slid 10.7 percent.
The company posted a fourth-quarter net loss of $28 million, or $1.10 per share, compared with a profit of $3.7 million, or 24 cents per share, a year ago.
The company's basic loss per share was 54 cents. On that basis, Wall Street analysts, on average, had expected a loss of 44 cents per share, according to Thomson Reuters I/B/E/S.
Total revenue grew 22 percent to $25.3 million from $20.7 million. Analysts had expected revenue of $36.67 million. Total customers rose 192 percent, the San Mateo, California company said.
Operating expenses in the quarter were $37.9 million this year, up from $22.3 million last year.
SolarCity said it has grown rapidly thanks to a business model that allows homeowners to pay a monthly fee for solar panels, eliminating the need for a large upfront investment.
According to the company, this lease model enables it to have a recurring and predictable stream of cash. Lease revenue rose 100 percent during the quarter to $14 million.
In January, SolarCity said it expected 2013 solar system deployments of 250 megawatts. It deployed 157 megawatts in 2012.
SolarCity went public on Dec. 13 after cutting its initial public offering price to attract investors skittish about putting money into the volatile solar industry. Nearly three months later, however, its shares are well over double the IPO price of $8.
SolarCity shares were trading at $17.20 in after-hours trade after closing at $19.27 on the Nasdaq. (Reporting By Nichola Groom; Editing by Bernard Orr, Leslie Gevirtz and David Gregorio)
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