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Sunrun Loss Widens, Revenue Doubles; Solar Firm Taps New CEO

Sunrun reported a wider-than-expected net loss as revenue more than doubled, and it named a new chief executive.
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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.

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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.