Sunnova Energy International Inc (NASDAQ:NOVA) shares are trading higher by 6.1% to $17.60 Thursday morning, despite a lack of company-specific news. The stock is potentially trading higher in sympathy with peer solar stock Sunrun Inc after the company reported mixed second-quarter results.
What Happened With Sunrun?
Sunrun announced its quarterly earnings Wednesday, reporting an EPS of 25 cents. This figure surpassed the analyst consensus estimate of a loss of 34 cents.
In terms of quarterly sales, Sunrun generated $590.19 million, missing the analyst consensus estimate of $621.86 million by 5.1%. The company’s sales performance still showed a marginally positive trajectory, with a 1% increase over the $584.58 million recorded during the same period the previous year.
Key operating metrics indicate strong growth, with 39,755 customer additions in second-quarter 2023 and a 20% increase in customers compared to the same period last year.
Sunrun’s financial outlook remains positive, with expectations of 10% to 15% growth in Solar Energy Capacity Installed for the full year 2023.
Total revenue for second-quarter 2023 was $590.2 million, with customer agreements and incentives revenue increasing by 16% compared to second-quarter 2022.
According to data from Benzinga Pro, Sunnova has a 52-week high of $31.47 and a 52-week low of $12.46.
