Sunrun stock jumps more than 10% after higher Q1 revenue

Shares of Sunrun Inc. rallied more than 10% in after-hours trading Wednesday after the residential solar company reported sales that were well above Wall Street estimates, even as quarterly losses came in wider than expected. Sunrun said it lost $87.8 million, or 42 cents a share, in the first quarter, compared with a loss of $24 million, or 12 cents a share, in the year-ago quarter. Revenue rose 48% to $496 million, the company said. FactSet consensus called for a quarterly loss of 19 cents a share on sales of $400 million. Sunrun said it had implemented “meaningful” price increases to offset higher material and capital costs, and continued to see “very strong demand” as utility rates climbed. The company also announced the departure of Chief Financial Offer Tom vonReichbauer, who will step down at the end of the month to “pursue an external opportunity.” Sunrun named Danny Abajian its new CFO, effective May 30. Abajian is a senior VP at Sunrun and is a 12-year veteran of the company. Shares of Sunrun gained 6% in the regular trading day Wednesday.

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