* Sees 2014 installations of 500 MW-550 MW
* Expects to install 900 MW-1,000 MW in 2015
* Shares up 9 pct
(Adds details, analyst comment, share movement)
By Kanika Sikka
May 7 SolarCity Corp, the largest
residential solar panel installer in the United States, raised
its full-year forecast for installations after reporting a
smaller first-quarter loss.
SolarCity's shares rose as much as 9 percent after the bell.
The company said on Wednesday it expects to deploy 500-550
megawatt (MW) this year, up from its previous forecast of
SolarCity, which is backed by Tesla Motors Inc
founder Elon Musk, has taken off as it allows homeowners to
spread payment for solar panels over 20 years.
The company, however, is expected face competition as First
Solar and SunPower Corp enter the solar
But Raymond James analyst Pavel Molchanov said SolarCity was
well positioned in the residential solar installation market.
"As it stands, SolarCity has built by far the largest
infrastructure for residential solar installation, so its market
positioning is strong," he said.
SolarCity also said it expects to nearly double its
installations in 2015 to 900 MW-1,000 MW.
The company said it expects current-quarter solar panel
deployments to increase by more than a third to 110 MW. It had
deployed 82 MW in the first quarter.
SolarCity had $2.5 billion of contracted payments remaining
at the end of the quarter ended March 31, up 21 percent from the
Since SolarCity relies heavily on long-term contracts,
analysts say the value of these contracts is a better metric to
judge the company rather than its quarterly results.
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
Revenue more than doubled to $63.5 million.
The company's shares were trading up more than 7 percent at
$51.05 after the bell. They have risen six-fold since debuting
on the Nasdaq in December 2012.
(Reporting By Kanika Sikka and Anannya Pramanick in Bangalore;
Editing by Saumyadeb Chakrabarty)