ReneSola (SOL) Tops Q2 EPS by 1c; Guides Q3, FY16

ReneSola (NYSE: SOL) reported Q2 EPS of $0.05, $0.01 better than the analyst estimate of $0.04. Revenue for the quarter came in at $250 million versus the consensus estimate of $284.39 million.

• Successfully sold approximately 20.0 MW of projects in the UK; £21.2 million to be recognized in Q3 2016, additional £1.6 million be recognized within two years
• The Company now has a solar power project pipeline of 938.2 MW, of which 323.8 MW are late stage

Outlook

For Q3 2016, the Company expects revenue to be approximately $200 million and gross margin to be around 10%. This outlook reflects the impact from high polysilicon prices combined with declining wafer prices.

For full year 2016, the Company now expects revenue in the range of $900 million to $1.1 billion, compared with previous guidance of $1.0 billion to $1.2 billion. The lower revenue outlook reflects a slowdown in shipments and lower ASP. (The Street sees FY16 revenue of $1.08 billion.)

For earnings history and earnings-related data on ReneSola (SOL) click here.

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