Sunrun shares jumped 11% throughout prolonged buying and selling Wednesday after the corporate posted first-quarter earnings results, together with a 39% improve in buyer orders over the identical time final yr.

Listed here are the numbers, versus estimates from analysts surveyed by Refinitiv:

• Income: $495.8 million, versus $401.3 million anticipated.
• Loss: 42 cents per share, versus a lack of 17 cents per share anticipated.

The corporate additionally raised its steering, saying it expects put in photo voltaic capability to be 25% or better for 2022. Sunrun’s prior steering pegged progress charges at 20%.

Sunrun, which is the biggest residential photo voltaic installer within the U.S., added 29,463 clients in the course of the first quarter, a 20% improve from the identical interval in 2021. The corporate now has roughly 690,000 clients.

The outcomes come because the business continues to grapple with provide chain headwinds and inflationary pressures. However the firm stated it is efficiently passing alongside a few of its larger prices to shoppers.

“Over the past month we efficiently applied significant pricing adjustments to offset larger materials and capital prices, and proceed to see very sturdy demand as utility fee inflation exceeds 11% throughout the nation,” stated outgoing chief monetary officer Tom vonReichbauer.

Commodity costs are rising throughout the board, making renewable power extra aggressive with fossil fuels. U.S. pure gasoline costs surged to the best worth since 2008 on Wednesday.

The corporate additionally introduced that vonReichbauer will step down as CFO on the finish of Could. Danny Abajian, who’s at the moment senior vice chairman at Sunrun, will change into CFO efficient Could 30.

Shares of Sunrun are down roughly 30% for the yr by means of Wednesday’s shut.