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ReneSola +6% as Q1 revenue beats expectations

Jun. 20, 2018 9:03 AM ETEmeren Group Ltd (SOL) StockSOLBy: Carl Surran, SA News Editor
  • 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.

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