Sunrun exceeds Q2 earnings and revenue estimates, benefiting from rising solar demand and collaborations

From Nasdaq: 2024-08-08 09:08:00

Sunrun (RUN) exceeds earnings and revenue estimates in Q2 2024, with a 13% growth in customer count and an 11% increase in subscriber value. Shares outperform industry, sector, and S&P 500. Company benefits from rising solar demand and strategic collaborations, like with Tesla Electric. Stock trading at a premium but analysts have bullish estimates for future earnings.

Annual recurring revenues from subscribers improve from $1.1 billion in Q2 2023 to $1.5 billion in Jun 2024. Collaboration with Tesla Electric in Texas boosts market outreach. Challenges include trade restrictions affecting supply chain and higher costs. Stock trading at a premium to peers like Emeren SOL. Analysts have increased confidence in future earnings estimates.

Despite premium valuation, Sunrun’s strong quarterly results, upbeat estimates, and impressive solar installation trend offer solid growth prospects. Investors may consider staying invested given these factors and the company’s Zacks Rank #3 (Hold). Seven elite stocks identified by experts for potential early price pops, beating the market over the years.



Read more at Nasdaq: Should You Buy Sunrun (RUN) Following Q2 Earnings Beat?