(Bloomberg) -- Sunrun Inc., America’s biggest residential-solar company, surged the most in more than three months after third-quarter revenue beat estimates.
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The San Francisco-based company reported third-quarter revenue of $631.9 million, above the average analyst estimate of $562.2 million. Earnings per share were 96 cents, significantly above the 13-cent loss that analysts had projected.
Residential solar is among the beneficiaries of President Joe Biden’s landmark climate bill, which promises years-long policy certainty and tax credits. Sunrun forecasts installation growth of about 25% this year even as interest rates have surged.
Sunrun was up as much as 20% on Thursday. Fellow rooftop company Sunnova Energy International Inc. gained as much as 11%.
Among the drivers for the sector: rising utility bills in some US markets as well as a consumer desire for resilience in the face of major weather and climatic events.
“We still see really strong customer demand,” said Mary Powell, Sunrun’s chief executive officer, in an interview Wednesday.
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