SolarCity posts profit as panel installations rise

(Reuters) - Residential solar panel installer SolarCity Corp reported a quarterly profit, compared with a loss a year earlier, driven by higher panel installations.

SolarCity, which counts Tesla Motors Inc CEO Elon Musk among its investors, said net earnings attributable to its shareholders was $4.6 million, or 4 cents per share, in the fourth quarter ended Dec. 31, from a loss of $3.6 million, or 4 cents per share, a year earlier.

Revenue jumped 61 percent to $115.5 million.

(Reporting by Manish Parashar and Narottam Medhora in Bengaluru; Editing by Saumyadeb Chakrabarty)