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ReneSola (SOL) Q2 Earnings Lag Estimates, Revenues Plunge Y/Y
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ReneSola Ltd (SOL - Free Report) reported second-quarter 2022 adjusted loss of a penny per American Depositary Share (ADS). The reported figure deteriorated from the year-ago quarter’s income of 11 cents per ADS. The Zacks Consensus Estimate for second-quarter 2022 earnings was pegged at a penny per ADS.
Revenues
ReneSola’s second-quarter net revenues of $8.2 million plunged 55.7% year over year from $18.5 million. Its adjusted net revenues came in at $8.6 million, down from $18.9 million reported in the second quarter of 2021. The Zacks Consensus Estimate for second-quarter revenues was pegged at $14 million.
As of Jun 30, 2022, SOL had 186 megawatts (MWs) of projects in operation. Of these, the company operates 162 MWs of rooftop projects in China and 24 MWs in the United States.
As of Jun 30, 2022, the company had 2.4 gigawatts of mid-to-late-stage projects in the pipeline.
Operational Highlights
Its adjusted operating expenses totaled $3.3 million in the second quarter, up 25.2% year over year. The gross profit in the quarter was $3.7 million compared with $11.3 million in the year-ago period.
The company’s adjusted operating income in the quarter amounted to $0.8 million compared with the adjusted operating income of $8.8 million in the prior-year period.
Financial Condition
As of Jun 30, 2022, ReneSola had cash and cash equivalents of $207.9 million compared with $254.1 million as of Dec 31, 2021.
The cash outflow from operating activities was $7.9 million as of Jun 30, 2022 against a cash inflow of $0.6 million as of Jun 30, 2021.
Guidance
ReneSola expects third-quarter 2022 revenues in the range of $22-$25 million. The gross margin is estimated between 20% and 24%. For the third quarter of 2022, the Zacks Consensus Estimate for revenues is pegged at $20.98 million, lower than the company provided guidance.
For 2022, SOL continues to expect revenues in the range of $100-$120 million, with an overall gross margin of 20-25%. The Zacks Consensus Estimate for 2022 revenues is pegged at $107.2 million, lower than the midpoint of the company’s expectation.
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2022 adjusted earnings of $1.07 per share, which improved a solid 101.9% from 53 cents reported in the prior-year quarter.
Enphase Energy’s second-quarter revenues of $530.2 soared 67.7% from the year-ago quarter’s $316.1 million. For the third quarter of 2022, ENPH expects revenues in the range of $590-$630 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2022 earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 73.3%. However, the bottom line declined from the prior-year quarter’s earnings of 77 cents per share.
First Solar’s second-quarter sales were $621 million, which beat the Zacks Consensus Estimate of $599 million by 3.7%.
SunPower Corporation’s (SPWR - Free Report) share price increased 4.9% since its earnings release on Aug 2, 2022. The company reported second-quarter 2022 adjusted earnings of 3 cents per share. The bottom line marked a deterioration from the year-ago quarter’s earnings of 7 cents per share.
During the quarter under review, SunPower’s adjusted revenues came in at $414.1 million. SunPower had cash and cash equivalents of $206.4 million as of Jul 3, 2022, compared with $123.7 million as of Jan 3, 2021.
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ReneSola (SOL) Q2 Earnings Lag Estimates, Revenues Plunge Y/Y
ReneSola Ltd (SOL - Free Report) reported second-quarter 2022 adjusted loss of a penny per American Depositary Share (ADS). The reported figure deteriorated from the year-ago quarter’s income of 11 cents per ADS. The Zacks Consensus Estimate for second-quarter 2022 earnings was pegged at a penny per ADS.
Revenues
ReneSola’s second-quarter net revenues of $8.2 million plunged 55.7% year over year from $18.5 million. Its adjusted net revenues came in at $8.6 million, down from $18.9 million reported in the second quarter of 2021. The Zacks Consensus Estimate for second-quarter revenues was pegged at $14 million.
Renesola Ltd. Price, Consensus and EPS Surprise
Renesola Ltd. price-consensus-eps-surprise-chart | Renesola Ltd. Quote
Projects
As of Jun 30, 2022, SOL had 186 megawatts (MWs) of projects in operation. Of these, the company operates 162 MWs of rooftop projects in China and 24 MWs in the United States.
As of Jun 30, 2022, the company had 2.4 gigawatts of mid-to-late-stage projects in the pipeline.
Operational Highlights
Its adjusted operating expenses totaled $3.3 million in the second quarter, up 25.2% year over year. The gross profit in the quarter was $3.7 million compared with $11.3 million in the year-ago period.
The company’s adjusted operating income in the quarter amounted to $0.8 million compared with the adjusted operating income of $8.8 million in the prior-year period.
Financial Condition
As of Jun 30, 2022, ReneSola had cash and cash equivalents of $207.9 million compared with $254.1 million as of Dec 31, 2021.
The cash outflow from operating activities was $7.9 million as of Jun 30, 2022 against a cash inflow of $0.6 million as of Jun 30, 2021.
Guidance
ReneSola expects third-quarter 2022 revenues in the range of $22-$25 million. The gross margin is estimated between 20% and 24%. For the third quarter of 2022, the Zacks Consensus Estimate for revenues is pegged at $20.98 million, lower than the company provided guidance.
For 2022, SOL continues to expect revenues in the range of $100-$120 million, with an overall gross margin of 20-25%. The Zacks Consensus Estimate for 2022 revenues is pegged at $107.2 million, lower than the midpoint 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, Inc. (ENPH - Free Report) reported second-quarter 2022 adjusted earnings of $1.07 per share, which improved a solid 101.9% from 53 cents reported in the prior-year quarter.
Enphase Energy’s second-quarter revenues of $530.2 soared 67.7% from the year-ago quarter’s $316.1 million. For the third quarter of 2022, ENPH expects revenues in the range of $590-$630 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2022 earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 73.3%. However, the bottom line declined from the prior-year quarter’s earnings of 77 cents per share.
First Solar’s second-quarter sales were $621 million, which beat the Zacks Consensus Estimate of $599 million by 3.7%.
SunPower Corporation’s (SPWR - Free Report) share price increased 4.9% since its earnings release on Aug 2, 2022. The company reported second-quarter 2022 adjusted earnings of 3 cents per share. The bottom line marked a deterioration from the year-ago quarter’s earnings of 7 cents per share.
During the quarter under review, SunPower’s adjusted revenues came in at $414.1 million. SunPower had cash and cash equivalents of $206.4 million as of Jul 3, 2022, compared with $123.7 million as of Jan 3, 2021.