ReneSola plunges 9% following third-quarter earnings miss estimates
Dec. 08, 2021 4:11 AM ETEmeren Group Ltd (SOL)By: SA News Team2 Comments
- 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