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Why Sunrun And First Solar Shares Are Surging After Hours

Shares of several solar companies, including Sunrun Inc (NASDAQ: RUN) and First Solar Inc (NASDAQ: FSLR), are trading higher in Wednesday's after-hours session alongside Sunnova Energ

Benzinga · 07/27/2022 17:44

Shares of several solar companies, including Sunrun Inc (NASDAQ:RUN) and First Solar Inc (NASDAQ:FSLR), are trading higher in Wednesday's after-hours session alongside Sunnova Energy International Inc (NYSE:NOVA) after the company reported strong top-line financial results and reaffirmed guidance.

Sunnova reported second-quarter revenue of $147 million, which easily beat the estimate of $87.4 million, according to data from Benzinga Pro. Second-quarter revenue was up significantly from $80.5 million in the prior year quarter.

"This increase was primarily the result of an increased number of solar energy systems in service and an increase in inventory sales revenue from the sale of inventory to our dealers, which began in April," the company said.

Sunnova reported a quarterly earnings loss of 32 cents per share, which missed the estimate for a loss of 20 cents per share.

The company said it added 17,300 customers in the second quarter, bringing its total customer count to 225,000 as of June 30. Sunnova reaffirmed its full-year guidance for customer additions between 85,000 and 89,000. 

The company also reaffirmed full-year adjusted EBITDA guidance of between $117 million and $137 million. 

Sunrun designs, develops and installs residential solar energy systems in the United States. First Solar designs and manufactures solar photovoltaic panels, modules and systems for use in utility-scale development projects.

See Also: Etsy Shares Soar After Q2 Results Beat, Upbeat Q3 Outlook

RUN, FSLR Price Action: At press time, Sunrun was up 8.62% in after hours at $25.84, while First Solar was up 7.23% at $82.31.

Photo: StockSnap from Pixabay.