Sunrun (RUN) - Get Sunrun Inc. Report reported a wider-than-expected second-quarter net loss as revenue more than doubled, and the provider of residential solar energy systems named a new chief executive.
The quarterly loss widened to 20 cents a share from 11 cents a share in the year-earlier quarter. Shares outstanding climbed 70% to 204.4 million from 120.3 million.
Revenue reached $401.2 million from $181.3 million.
A survey of analysts by FactSet produced consensus estimates of a GAAP net loss of 8 cents a share on revenue of $366.1 million.
According to FactSet, the adjusted loss was 13 cents a share, matching the consensus analyst estimate.
The San Francisco company named Mary Powell, who is a director of Sunrun and a former president and CEO of the Vermont utility company Green Mountain Power, as its next CEO. Powell had joined the board in 2018.
She succeeds Lynn Jurich, Sunrun's co-founder, who becomes executive co-chairwoman alongside Ed Fenster. She had been CEO for a decade.
At last check Sunrun shares were trading 2.4% lower at $52.17. They closed regular Thursday Trading up 1.2% at $53.45.