SunEdison Surges as Demand to Build Solar Projects Increases

Aug 07, 2014 4:06 pm ET

(Updates with closing share price in second paragraph.)

Aug. 7 (Bloomberg) -- SunEdison Inc., the best-performing solar company this year, surged the most in three months after its pipeline of power plants swelled by 19 percent and it reported an unexpected quarterly profit.

SunEdison gained 12 percent to $21.59 at the close in New York, the biggest increase since April 22. It’s climbed 65 percent this year, the most on the Bloomberg Intelligence Global Large Solar index of 17 companies.

SunEdison added 684 megawatts of orders to build solar farms in the quarter. Its pipeline now stands at 4.3 gigawatts, the St. Peters, Missouri-based company said in a statement today.

Its net loss narrowed to $41.2 million, or 16 cents a share, compared with $102.9 million, or 45 cents, a year earlier.

Including items such as a one-time benefit from an equity investment, the company posted a profit of $33.7 million, or 12 cents a share. That beat an anticipated loss of 26 cents, the average of 12 analysts’ estimates compiled by Bloomberg.