SolarCity Loss Wider Than Estimates, Q1 Outlook Weak; Stock Down 6%

(RTTNews) - SolarCity Corp (SCTY), the provider of solar energy systems, on Wednesday reported fourth-quarter net loss of $141.4 million compared with a loss of $39.8 million last year.

After loss attributable to non-controlling interests, the company reported a loss to equity holders of $3.6 million or $0.04 per share compared with a profit of $26.7 million or $0.28 per share a year ago.

Excluding items, adjusted loss for the quarter was $1.33 per share. Analysts polled by Thomson Reuters estimated a loss of $1.27 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter were $71.8 million compared with $47.3 million in the prior year. Analysts estimated revenues of $71.8 million.

Operating expenses for the quarter rose to $135 million from $65 million last year, hurting the results. Also the quarter had a lower income tax benefit compared with last year, the company said.

The company added 21,318 new customers in the quarter, and as of the end of 2014, had a total of 190 thousand customers.

For the first quarter, the company expects adjusted loss of $1.75 to $1.65 per share; operating lease and solar energy systems incentive revenue of $47 million to $52 million; and solar energy system and component sale revenue of $6 million to $8 million.

Analysts expect a loss of $1.25 per share on revenues of $71.8 million for the quarter.