Vivint Solar Reports Quarterly Profit on Lower Costs

U.S. solar company Vivint Solar Inc reported a quarterly profit on Tuesday compared with a year-ago loss, helped by lower costs.

 

The company, which largely caters to the residential solar market, reported net income attributable to shareholders of $13.3 million, or 11 cents per share, in the first quarter ended March 31, compared with a loss of $31.2 million, or 29 cents per share, a year earlier.

 

The company recorded a one-time impairment charge of $36.6 million in the year-ago quarter. Excluding items, the company's loss narrowed to 50 cents per share from 65 cents.

 

Total revenue rose to $53.1 million from $17.2 million.

 

Vivint Solar carried out 6,581 installations during the quarter, down from 7,704 installations in the year-ago period.


(Reporting by Ahmed Farhatha and Gayathree Ganesan)