SolarCity posts smaller loss, raises full-year outlook

Wed May 7, 2014 4:27pm EDT

May 7 (Reuters) - SolarCity Corp, the largest residential solar installer in the United States, raised its full-year forecast for panel installations after reporting a smaller first-quarter loss.

The company said it expects to deploy 105-110 megawatt of solar panels in the second quarter and raised its 2014 forecast to 500-550 MW from the 475-525 MW it had projected earlier.

The company's net loss attributable to stockholders narrowed to $24.1 million, or 26 cents per share, in the quarter ended March 31, from $40.9 million, or 54 cents per share, a year earlier.

SolarCity, which is backed by Tesla Motors Inc founder Elon Musk, said revenue more than doubled to $63.5 million. (Reporting By Kanika Sikka in Bangalore; Editing by Saumyadeb Chakrabarty)

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