We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
ReneSola (SOL) Q3 Earnings Miss Estimates, Revenues Up Y/Y
Read MoreHide Full Article
ReneSola Ltd (SOL - Free Report) reported third-quarter 2021 earnings of 2 cents per American Depositary Share (ADS) from continuing operations, which lagged the Zacks Consensus Estimate of 4 cents by 50%. The reported figure declined from the year-ago quarter’s earnings of 5 cents by 60%.
Revenues
ReneSola’s third-quarter net revenues of $15.5 million missed the Zacks Consensus Estimate of $20 million by 23%. However, the top line improved 59.4% year over year from $9.7 million.
As of Sep 30, 2021, ReneSola had 173 megawatts (MW) of projects in operation. Of these, the company operates 148.5 MW of rooftop projects in China and 24.1 MW in the United States.
As of Sep 30, 2021, the company completed 850 MW of projects. At the end of the third quarter of 2021, ReneSola had 1,841 MW of mid-to-late-stage projects in pipeline.
Operational Highlights
Operating expenses totaled $3.4 million in the third quarter, up 11.3% year over year.
Operating income in the quarter amounted to $2.7 million compared with the year-ago quarter’s operating income of $2.9 million.
Gross Profit in the quarter was $6.1 million, up 3.4% year over year. Gross margin contracted 2140 basis point, primarily due to remarkably high gross margins generated in the prior-year period.
Financial Condition
As of Sep 30, 2021, ReneSola had cash and cash equivalents of $275.4 million compared with $40.6 million as of Dec 31, 2020.
Operating cash outflow from continuing operations was $5.1 million as of Sep 30, 2021, compared with cash outflow of $1.9 million in the year-ago period.
Guidance
ReneSola expects fourth-quarter 2021 revenues of $21-$27 million, with an overall gross margin of 36-40%. For the fourth quarter, the Zacks Consensus Estimate for revenues is pegged at $20.2 million, which lies lower than the mid-point of the company’s expectation.
Enphase Energy (ENPH - Free Report) reported third-quarter 2021 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate by 27.7%. The Zacks Consensus Estimate of $2.26 per share for 2021 earnings has been revised upwards by 16.5% in the last 60 days.
The long-term earnings growth rate for ENPH is pegged at 38.47%. Impressively, shares of Enphase Energy have appreciated 74.9% in the last one year.
First Solar (FSLR - Free Report) reported third-quarter 2021 adjusted earnings of 42 cents per share, which missed the Zacks Consensus Estimate of 63 cents by 33.3%. Its third-quarter sales were $584 million, which lagged the Zacks Consensus Estimate by 16.5%.
First Solar still expects earnings to be $4.00-$4.60 per share on sales of $2.88-3.10 billion in 2021. The stock has returned 17.4% in the past year.
SolarEdge Technologies (SEDG - Free Report) reported third-quarter adjusted earnings of $1.45 per share, which outpaced the Zacks Consensus Estimate of $1.38 by 5.1%. SolarEdge’s revenues of $526.4 million in the third quarter missed the Zacks Consensus Estimate by 0.6%.
For fourth-quarter 2021, SolarEdge anticipates revenues to be $530-$560 million. The stock has gained 19.9% in the past year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
ReneSola (SOL) Q3 Earnings Miss Estimates, Revenues Up Y/Y
ReneSola Ltd (SOL - Free Report) reported third-quarter 2021 earnings of 2 cents per American Depositary Share (ADS) from continuing operations, which lagged the Zacks Consensus Estimate of 4 cents by 50%. The reported figure declined from the year-ago quarter’s earnings of 5 cents by 60%.
Revenues
ReneSola’s third-quarter net revenues of $15.5 million missed the Zacks Consensus Estimate of $20 million by 23%. However, the top line improved 59.4% year over year from $9.7 million.
Renesola Ltd. Price, Consensus and EPS Surprise
Renesola Ltd. price-consensus-eps-surprise-chart | Renesola Ltd. Quote
Projects
As of Sep 30, 2021, ReneSola had 173 megawatts (MW) of projects in operation. Of these, the company operates 148.5 MW of rooftop projects in China and 24.1 MW in the United States.
As of Sep 30, 2021, the company completed 850 MW of projects. At the end of the third quarter of 2021, ReneSola had 1,841 MW of mid-to-late-stage projects in pipeline.
Operational Highlights
Operating expenses totaled $3.4 million in the third quarter, up 11.3% year over year.
Operating income in the quarter amounted to $2.7 million compared with the year-ago quarter’s operating income of $2.9 million.
Gross Profit in the quarter was $6.1 million, up 3.4% year over year. Gross margin contracted 2140 basis point, primarily due to remarkably high gross margins generated in the prior-year period.
Financial Condition
As of Sep 30, 2021, ReneSola had cash and cash equivalents of $275.4 million compared with $40.6 million as of Dec 31, 2020.
Operating cash outflow from continuing operations was $5.1 million as of Sep 30, 2021, compared with cash outflow of $1.9 million in the year-ago period.
Guidance
ReneSola expects fourth-quarter 2021 revenues of $21-$27 million, with an overall gross margin of 36-40%. For the fourth quarter, the Zacks Consensus Estimate for revenues is pegged at $20.2 million, which lies lower than the mid-point of the company’s expectation.
Zacks Rank
ReneSola currently carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
Enphase Energy (ENPH - Free Report) reported third-quarter 2021 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate by 27.7%. The Zacks Consensus Estimate of $2.26 per share for 2021 earnings has been revised upwards by 16.5% in the last 60 days.
The long-term earnings growth rate for ENPH is pegged at 38.47%. Impressively, shares of Enphase Energy have appreciated 74.9% in the last one year.
First Solar (FSLR - Free Report) reported third-quarter 2021 adjusted earnings of 42 cents per share, which missed the Zacks Consensus Estimate of 63 cents by 33.3%. Its third-quarter sales were $584 million, which lagged the Zacks Consensus Estimate by 16.5%.
First Solar still expects earnings to be $4.00-$4.60 per share on sales of $2.88-3.10 billion in 2021. The stock has returned 17.4% in the past year.
SolarEdge Technologies (SEDG - Free Report) reported third-quarter adjusted earnings of $1.45 per share, which outpaced the Zacks Consensus Estimate of $1.38 by 5.1%. SolarEdge’s revenues of $526.4 million in the third quarter missed the Zacks Consensus Estimate by 0.6%.
For fourth-quarter 2021, SolarEdge anticipates revenues to be $530-$560 million. The stock has gained 19.9% in the past year.