Solar Projects Rise In 2020 As Takeovers Multiply For Residential and Corporate Installers; Solar Integrated Roofing Corp. Sales Spike 18% In November
Solar industry companies are recording sharp gains in sales performance, growing organically and by takeover, as the surging industry consolidates. At Solar Integrated Roofing Corp. (OTC PINK: SIRC) November sales grew by 18% over October numbers, when pro forma revenue from recently acquired company Milholland is included.
Big box retailer Walmart Inc. (NYSE: WMT) is investing big in solar for 2020, reaching an agreement to subscribe to 36 solar gardens in Minnesota, some of which are scheduled to be online by the first half of 2020.
Consultant Wood Mackenzie projects that long term solar industry growth will be driven by smaller and regional players rather than the largest three installers nationally.
Tickers: Solar Integrated Roofing Corp. (OTC PINK: SIRC), Walmart Inc. (NYSE: WMT), SunPowerCorp. (NASDAQ: SPWR), Sunrun (NASDAQ: RUN) and Vivint Solar Inc. (NYSE: VSLR).
New York, NY, December 18, 2019 — Stock Market Press is a leading financial news company that delivers up to date news. News on the wires today includes how Solar Integrated Roofing Corp. (OTC PINK: SIRC) reported record solar revenues for November 2019,18% higher than the prior month.
Acquisitions and consolidation mark the growth of solar, with expansion by both organic and takeover strategies. Solar Integrated Roofing Corp. (OTC PINK: SIRC), specializing in both commercial and residential solar installation, reported record revenues of $1.2 million for the month of November. When adding pro forma revenue from its recent acquisition of Milholland, Solar Integrated Roofing Corp. generated more than $2.2 million in November sales, or 18% higher than October.
Dave Massey, CEO of SIRC, said, “We continue to build our organization on a platform of profitability creating value for our shareholders. We anticipate receiving approval for the up listing of our shares to the OTCQB very soon.” SIRC recently acquired Milholland Solar and Electric Roofing, a California company that Massey says is expected to generate some $10 million in revenues for 2019. Adding Milholland’s pro forma revenues drives SIRC’s sales for November to $2.2 million, Massey said.
SIRC (OTC PINK: SIRC) previously recorded a series of other takeovers in the solar installation sector this year. They include, in addition to Milholland, Secure Roofing and Solar ($5 million in trailing annual revenues), McKay Roofing ($5 million in trailing annual revenues), Montross ($2.5 million in trailing annual sales) and Narrate, Inc., a marketing firm which has a targeted goal of $3 million monthly by summer 2020. SIRC is acquiring like companies to build a footprint nationally in the solar industry.
Massey, before the Milholland takeover, projected SIRC’s (OTC PINK: SIRC) annualized sales at $40 million in fiscal 2021. SIRC reported sales of $4.9 million in FY 2019. Massey said the Milholland acquisition agreement is part of his company’s growth plan. “We continue to execute on our business plan by finalizing our terms for acquiring Milholland, capping an incredible period of growth for SIRC in 2019,” Massey said.
Solar industry installations, both commercial and residential, are key to growth. Not only will clients save long term on electricity costs, the industry will enable both commercial and residential customers to reduce their carbon footprints.
Walmart Inc. (NYSE: WMT) has a corporate commitment to solar renewable energy and it represents a vital component of its new energy portfolio, according to Mark Vanderhelm, Vice President of Energy for Walmart Inc. (NYSE: WMT).
Walmart Inc. (NYSE: WMT) is eying a major increase in its commitment to solar in 2020. It
has agreed to subscribe to 36 solar gardens in Minnesota targeted to be online through the first half of 2020. Mark Vanderhelm, Vice President of Energy, said the company sees its renewable energy goals as vitally important. As part of its corporate commitment to renewable energy to reduce its carbon footprint, earlier Walmart had SunPowerCorp. (NASDAQ: SPWR) install solar systems in 19 of its stores and two distribution centers in Illinois.
Vanderhelm of Walmart (NYSE: WMT) said, “Solar is a vital component of Walmart’s expanding renewable energy portfolio. Walmart plans to tirelessly pursue renewable energy projects that are right for our customers, our business and the environment.”
According to an analysis by consultant Wood Mackenzie, solar growth will be driven long term by smaller local and regional players in the market. Sunrun (NASDAQ: RUN) occupies the first place in residential solar installations nationally with 11% of all solar home capacity installations YTD 2019. In second place is Vinint Solar Inc. (NYSE: VSLR).
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