Sunrun (NASDAQ:RUN) stock is taking off on Wednesday after the solar power company provided investors with its earnings report for the second quarter of 2024.
That report starts with the company’s diluted EPS of 55 cents. That’s a massive surprise for RUN stockholders when Wall Street was expecting EPS of -40 cents for the quarter. It’s also a jump from the 25 cents reported in the same period of the year prior.
Adding to this is Sunrun’s revenue of $523.87 million for Q2 2024. This is above the $517.71 million analysts were expecting. Even so, it’s down 11% from the $590.19 million reported in Q2 2023.
Sunrun CEO Mary Powell said the following about this news:
“In the second quarter we again set new records for both storage installation and attachment rates, further differentiating Sunrun in the industry, beating the high-end of our storage installation guidance and delivering solid quarter-over-quarter growth for solar installation, Cash Generation and Net Subscriber Value.”
What’s Next for RUN Stock?
Sunrun reiterated its outlook in its latest earnings report. This has it expecting cash generation of $50 million to $125 million in Q4. It’s also expecting cash generation for Q3 to be positive.
Adding to that is a new outlook for 2025. This has the company expecting cash generation for the year to come in between $350 million and $600 million.
RUN stock is up 16.9% as of Wednesday afternoon.
There are more stock market stories ready to go below!
We have all of the latest stock market news available on Wednesday! Among that is what’s happening with political stock trading, Richtech Robotics (NASDAQ:RR) stock and more. All of this news is available at the links below!
More Stock Market News for Wednesday
- The Top Stocks Politicians Are Buying and Selling This Week
- RR Stock Alert: Why Is Richtech Robotics Up 54% Today?
- UPST Stock: Why Investors Are Jumping Into Upstart Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
