- ReneSola (NYSE:SOL) +6% premarket after reporting Q1 EPS of $0.01, in-line with analyst expectations, on revenues of $44.8M, which easily topped the $29.8M consensus estimate.
- Q1 revenue compared to $64.8M in Q4 2017 and just $200K in the year-ago quarter; Q1 gross profit was $8.4M vs. gross profit of $6.8M in Q4 2017 and a $200M loss in Q1 2017, while Q1 gross margin was 18.7% vs. 10.5% in Q4, mostly due to an improved margin from overseas project development business and EPC business in China.
- For Q2, SOL expects its project business to generate $20M-$30M in revenue and 20%-25% overall gross margin; for the full year, the company sees revenue of $130M-$140M and overall gross margin of 20%-25%, with plans to connect 100-150 MW of DG projects in China and to monetize 80-100 MW projects in international markets.
- Also, SOL says Sequoia Economic Infrastructure Income Fund agrees to extend the company's senior debt facility to $41.6M for 55 MW pipeline of PV plants in Poland.