The US solar company Sunrun Inc. has presented its financial figures for the second quarter of 2024 and the first half of 2024. While revenue declined on a quarterly and half-yearly basis, earnings improved significantly. The share climbs.
Overall, the provider of solar, storage and energy services for residential buildings generated revenue of USD 523.9 million in Q2 24. Compared to the same quarter of the previous year, turnover is therefore 11.2% lower (Q2 23: USD 590.2 million).
Although Q2 revenue fell, Sunrun’s net result nevertheless showed a significant improvement. On balance, a net profit of USD 139.1 million remains in Q2 24, which corresponds to an increase of around 151% compared to the same quarter of the previous year (Q2 23: USD 55.5 million). As a result, diluted earnings per share also improved. In Q2 24, there is a plus of USD 0.55 per share, compared to USD 0.25 per share in Q2 23.
In terms of installed storage capacity, Sunrun exceeded the upper end of the forecast range in Q2 2024 with 265 megawatt hours and achieved year-on-year growth of 152 percent. In terms of installed solar energy capacity in Q2 24, the company is within the forecast range at 192 MW.
Sunrun generated revenue of USD 982.1 million in the first six months of 2024, which corresponds to a decrease of just under 17% compared to the first half of 2023 (H1 2023: USD 1.18 billion). Following net losses in the first half of 2023, the first half of 2024 was positive. The bottom line is a net profit of USD 51.3 million, compared to a loss of USD 184.9 million in the first half of 2023. Sunrun thus generated diluted earnings per share of USD 0.23 in the first half of 2024, compared to a loss of USD 0.86 in the same period of the previous year.
Sunrun is optimistic about the rest of the 2024 financial year. Sunrun’s management expects installed storage capacity in the third quarter of 2024 to be between 275 and 300 MWh. This represents growth of 64% compared to the same period last year. Installed solar energy capacity is expected to be between 220 and 230 megawatts in the third quarter of 2024. According to Sunrun, this range corresponds to growth of 14 to 20 percent compared to the second quarter.
