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Shining a Light on Solar Earnings - Singling out the Winners in the Solar Revolution

 

Point Roberts, WA and Delta, BC - November 14, 2019 (Investorideas.com Newswire) Investorideas.com, a leading investor news resource covering solar stocks releases a sector snapshot looking at solar company earnings and the anticipated growth in the sector, featuring news from Direct Solar of America, a subsidiary of Singlepoint Inc. (OTCQB: SING).

Other solar stocks included in this earnings snapshot include; Vivint Solar Inc. (NYSE: VSLR), SolarEdge Technologies, Inc. (NASDAQ: SEDG) and Sunrun Inc. (NASDAQ: RUN).

Solar companies are facing the challenges and the opportunities in a market that is witness to growing demands due to climate change, a next generation of residential consumers that are pro- solar, new technology disruption and pricing that, for the first time is competitive to fossil fuels.

According to a recent report by the IEA (https://www.iea.org/), 'Global solar PV market set for spectacular growth over next 5 years,' "The installation of solar PV systems on homes, commercial buildings and industrial facilities is set to take off over the next five years, transforming the way electricity is generated and consumed, according to the International Energy Agency's latest renewable energy market forecast."

"The report forecasts that the world's total renewable-based power capacity will grow by 50% between 2019 and 2024. This increase of 1,200 gigawatts - equivalent to the current total power capacity of the United States - is driven by cost reductions and concerted government policy efforts. Solar PV accounts for 60% of the rise. The share of renewables in global power generation is set to rise from 26% today to 30% in 2024."

Fairly new to the solar industry and investors following the sector, emerging company Singlepoint Inc. (OTCQB: SING) saw the growing opportunity in solar and acquired Direct Solar of America. Singlepoint Inc. just reported record Third Quarter 2019 Financial Results. The Company reported revenues of $1,050,374 for the three months ended September 30, 2019, a 176% increase over the same period in 2018. The Company said in the release, "The Company's most recent acquisition, Direct Solar, continues to exceed revenue growth targets and has been pivotal to improving the Company's financials."

"This has been a great quarter for SinglePoint, we are very excited to see the growth of the company. We are establishing solid financials and we anticipate a big fourth quarter. Everything is firing on all cylinders and we continue to hit our numbers. We believe SinglePoint's revenues will continue to grow as our subsidiary Direct Solar expanded into new markets," states Greg Lambrecht, CEO of SinglePoint.

Looking at future growth, Direct Solar of America recently announced it signed a MOU with SchollyME. Direct Solar and SchollyME will collaborate on marketing Direct Solar through the schools that SchollyME is currently working with. The collaboration will put Direct Solar into the high school programs as a partner with SchollyME. This marketing strategy has already seen major success in driving new business for both companies.

Direct Solar of America is America's Solar Energy Brokerage with more than 3,500 home installations, which has enabled residential solar customers to shop for options in order to find the best option for the home. Like Rocket Mortgage or Lending Tree, Direct Solar representatives provide homeowners with a variety of financing and service providers; this has made the process of buying solar much easier for homeowners. Direct Solar is operational in eight states and continues to expand its residential solar footprint. Direct Solar Commercial serves customers that own and/or manage commercial properties. Along with Direct Solar Capital, an alternative energy financing solution, commercial projects have access to $50,000 to $3 million in funding for solar installations.

SolarEdge Technologies, Inc. (NASDAQ: SEDG), a global leader in smart energy, announced its financial results for the third quarter ended September 30, 2019 last week and beat both earnings and revenue expectations. The Company reported record revenues of $410.6 million, up 26% from $325.0 million in the prior quarter and up 74% from $236.6 million in the same quarter last year. Revenues related to the solar business were $387.8 million, up 26% from $306.7 million in the prior quarter and up 66% from $233.8 million in the same quarter last year.

On the company conference call, Zvi Lando, SolarEdge Technologies, Inc.'s acting CEO & Executive VP of Global Sales reported, "I'm happy to report that once again, we concluded our quarter with record revenues of $411 million, representing strong growth led by record revenues in the US where we often see upswing in business in the second half of the year and record revenues in Europe, where typically the third quarter is not as strong due to summer holiday season. Similarly, we saw strength and growth in most other region in which we operate. These revenues were based on record quarter in our solar business of approximately $388 million. With this record revenue, we have surpassed for the first time the milestone of $1 billion of revenues in a financial year, and this has been achieved through just the first 3 quarters of 2019. This revenue growth, coupled with our gross margin levels at the upper end of our guidance and increased operational leverage has enabled us to generate record non-GAAP net income and a record net diluted non-GAAP earnings per share of $1.21."

"In the third quarter, we shipped 1.5 gigawatts of AC nameplate inverters, approximately 598 megawatts of which shipped to North America, up from 430 megawatts shipped to North America in the previous quarter. Shipments to Europe consisted of 712 megawatts, up from 658 megawatts shipped in the previous quarter. This quarter, we shipped 543 megawatts of commercial products compared to 591 megawatts in the previous quarter. This reduction is mainly a result of the higher demand in the U.S. for residential products and prioritization of the manufacturing mix in our production lines accordingly. This quarter, we shipped approximately 4.6 million power optimizers and approximately 188,000 inverters. All in all, we have now shipped more than 45.4 million optimizers and 1.9 million inverters since launching shipment of products in January of 2010."

Solar panel installation company, Vivint Solar Inc. (NYSE: VSLR)  announced results for the third quarter ending September 30, 2019 after market November 6th. Following the news, the stock rose as high as 11.6% in trading as it beat analyst revenue expectations. Installations were 9,458 for the quarter, up 25% year-over-year. Cumulative installations were 178,733. Revenue was $104 million, up 33% over the third quarter of 2018.

In the earnings call November 8th, CEO David Bywater reported to shareholders, "We have continued to execute well, installing 65 megawatts in the third quarter, which was at the high end of our guidance. This represents 20% growth over the third quarter of last year and 18% growth year-to-date."

"On a customer basis, our growth was 25% year over year. Demand continues to be robust for residential solar, and we believe we are well positioned for a strong finish to the year, exceeding the 15% annual growth guidance we provided at the start of the year. Our growth is coming across all of our channels, but it is strongest in our inside sales, retail and homebuilder channels, which, in the third quarter, represented 11% of our total volume, up 34% sequentially and 145% year over year. This growth is beginning to scale."

Sunrun Inc. (NASDAQ: RUN) the nation's leading residential solar, storage and energy services company issued its third quarter 2019 earnings report after the market close, November 12, 2019. In the third quarter of 2019, Megawatts Deployed increased to 107 MW from 100 MW in the third quarter of 2018, a 7% year-over-year increase. Creation Cost per watt was $3.28 in the third quarter of 2019, compared to $3.34 in the third quarter of 2018.

Total revenue grew to $215.5 million in the third quarter of 2019, up $10.6 million, or 5% from the third quarter of 2018.

Consumers looking at solar during the California blackouts caused a reaction in the market and the stock gained from new interest

In the earnings release the company noted, ""Millions are suffering through forced blackouts as wildfires burn across California. We need affordable, clean, reliable power now more than ever," said Lynn Jurich, Sunrun's Chief Executive Officer and co-founder. "Sunrun has grown its customer base 24% from last year, with more than 270,000 homes embracing local, clean energy. We expect to increase cash generation by 60% to $100 million this year, while investing in our leading customer acquisition capabilities and technology platform."

The solar sector still has headwinds and some of the manufacturers released less than stellar earnings. But for the sector overall, the trend is their friend and consumers are demanding renewable energy options. Climate change marches globally are becoming a weekly occurrence and the next generation of consumers are demanding real solutions and a revolution, not just empty promises from governments.

"Renewables are already the world's second largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals," said Dr Fatih Birol, the IEA's Executive Director.

The sector is also being boosted by research funding to meet future demands. Last week the US Department of Energy (DOE) announced selections for $128 million in new projects to advance solar technologies. Through the Office of Energy Efficiency and Renewable Energy's Solar Energy Technologies Office, DOE will fund 75 innovative research projects that will lower solar electricity costs, while working to boost solar manufacturing, reduce red tape, and make solar systems more resilient against cyberattacks.

For investors following solar stocks, Investor Ideas has created a stock directory of renewable energy stocks as part of its membership. Learn more https://www.investorideas.com/membership/

Get more renewable energy investing ideas and news at our site Renewableenergystocks.com

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