SolarCity swings to profit in Q4

Rooftop solar installer SolarCity had fourth quarter $26.7m net income, or 28 cents a share, as revenue nearly doubled in response to continued strong consumer demand.

It reported an $8m net loss, or $1.30 a share, a year earlier. Excluding one-time items, SolarCity had a $39.79m net loss, or 46 cents a share.

Fourth quarter revenue was $47.3m versus $23.7m a year earlier. Full-year revenue surged to $163.83m, up from $126.9m.

The company had twice delayed release of figures originally due 24 February, citing discovery of accounting mistakes in the way it determines overhead expenses and related to recent acquisitions.

SolarCity completed an initial public offering in 2012.

It forecasts 78MW to 82MW of panel installations this quarter and anticipates 475MW to 525MW for 2014. The company also expects to generate positive cash flow for this year.

Shares were down 4.47% to $73.65 in midday trading in New York.

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