SolarCity to install fewer panels in first quarter, shares down

Mon Feb 24, 2014 4:28pm EST

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Feb 24 (Reuters) - U.S. solar installer SolarCity Corp said it expects to install fewer panels in the first quarter, sending its shares down 6 percent after the bell.

The nation's largest residential solar installer said it expects to install 78 megawatts (MW) to 82 MW of solar panels during the first quarter.

It deployed 103 MW in the fourth quarter ended Dec. 31, a record for any quarter.

The company, which was due to report fourth quarter results on Monday, said it would release its complete financial results on March 3 due to accounting related to recent acquisitions as well as a change in overhead allocations owing to a rise in the volume of megawatts deployed.

SolarCity said in October that it would acquire Zep Solar, a maker of mounting systems for residential solar panels, for about $158 million in stock.

SolarCity shares were at $75.25 after market close on Monday. (Reporting by Swetha Gopinath in Bangalore; Editing by Savio D'Souza)

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