ReneSola (SOL) Tops Q3 Revenues; Offers Q4 Revneue Guidance Above Consensus

ReneSola (NYSE: SOL) reported Q3 EPS of $, versus $0.05 reported last year. Revenue for the quarter came in at $36.3 million versus the consensus estimate of $41.1 million.

Outlook

For the fourth quarter of 2017, the Company\'s project business is expected to generate revenue in the range of $55 to $60 million and overall gross margin in the range of 10% to 15% with the gross margin of IPP business in the range of 48% to 53%. The Company expects to connect 60 MW to 80 MW of projects during the fourth quarter of 2017.

GUIDANCE:

ReneSola sees Q4 2017 revenue of $55-60 million, versus the consensus of $41 million.

Highlights

• Revenue was $36.3 million, compared to the guidance range of $40 million to $45 million;
• Gross margin was 17.6%, compared to 69.9% in Q2 2017 and 8.4% in Q3 2016;
• Income (loss) before income tax and noncontrolling interests from continuing operations was $4.0 million, compared to a loss of $0.6 million in Q2 2017 and a loss of $0.8 million in Q3 2016;
• Recognized revenue of $26.3 million from sales of utility projects of approximately 5MW in the U.K., a 6.75 MW in North Carolina and 1.3 MW in Massachusetts, the United States, and the provision of EPC services of 5.7MW in China;
• Recognized revenue from the sale of electricity of $5.6 million with gross margin of 66.6%;
• Connected 13.9 MW of rooftop projects in China which the Company intends to hold and 12.6 MW of utility projects in Turkey with revenue expected to be recognized in Q1 2018; and
• Solar power project pipeline of approximately 1.1 GW, of which 579.3 MW are late-stage.

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

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