SolarCity posts third-quarter profit, revenue up 52 pct

LOS ANGELES Wed Nov 6, 2013 4:16pm EST

LOS ANGELES Nov 6 (Reuters) - U.S. solar installer SolarCity Corp on Wednesday reported a quarterly net profit, reversing a year-ago loss, as sales of its solar systems soared.

SolarCity reported a third-quarter net profit of $3.4 million, or 4 cents a share, compared with a net loss of $38.1 million, or $3.41 per share, a year ago.

Revenue rose 52 percent to $48.6 million.

Last month, SolarCity said it installed more solar panels than expected in the third quarter and offered a 2014 installation view that was well above analyst estimates.

The company's stock has soared more than 60 percent since the company issued its 2014 forecast on Oct. 11. The company debuted on the Nasdaq in December of last year at $8 a share, and closed on Wednesday at $59.65.

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