ReneSola plunges 9% following third-quarter earnings miss estimates

ReneSola (NYSE:SOL) down 9% following its Q3 earnings, which missed expectations on the top and bottom lines and guided Q4 revenue below consensus.
Q3 2021 revenues grew 59% year-over-year to $15.57, below the consensus of $20.2M. The adjusted EPADS of $0.02 were $0.03 shy of the estimates.
Gross profit was $6.1 million yielding a gross margin of 39.2%. Gross margin was at the high end of guidance due to the mix of project sales at NTP, which are higher margin than COD sales.
"At the start of the year, we established a goal of growing the quality mid-to-late stage pipeline to 2 GW. We achieved 1.8 GW in the third quarter and expect to end the year close to 2.2 GW".
Cash and equivalents were $275.8 million, compared to $286.0 million at the end of Q2 2021.
For the fourth quarter of 2021, the company expects revenue to be in the range of $21M to $27M, below the $30.73M consensus and gross margin in the range of 36% to 40%.
"Our preliminary goal for 2022 is to achieve the net profit growth of at least 30% compared to 2021".
Previously (Dec. 7): ReneSola EPADS misses by $0.03, misses on revenue.
Related: ReneSola Ltd (SOL) CEO Yumin Liu on Q3 2021 Results - Earnings Call Transcript