ReneSola Power Announces Preliminary First Quarter 2021 Results

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) reported preliminary financial results for Q1 2021, expecting revenues over $20 million, exceeding prior guidance of $18 million to $20 million. The projected gross margin for this period is over 15%, compared to earlier estimates of 10% to 11%. The company also anticipates a profitable quarter with positive non-GAAP net profits. CEO Yumin Liu highlighted successful project sales and cost control as key factors in their positive outlook for 2021.

Positive

• Expected revenue over $20 million, surpassing previous guidance of $18 million to $20 million.
• Projected gross margin exceeds 15%, improving from prior estimates of 10% to 11%.
• Anticipation of profitable Q1 with positive non-GAAP net profits.
• Successful early sale of 10 MW portfolio of solar projects contributing positively to results.

Negative

• None.

STAMFORD, Conn., April 30, 2021 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced preliminary unaudited financial results for the first quarter of fiscal year 2021.

Preliminary First Quarter 2021 Results

Based on preliminary unaudited results, the Company now expects revenue for the first quarter of 2021 to be more than $20 million, up from the previously announced guidance range of $18 million to $20 million. Gross margin for the first quarter of 2021 is expected to exceed 15%, compared to prior guidance of 10% to 11%. In addition, the Company expects a profitable first quarter with positive non-GAAP net profits.

Mr. Yumin Liu, ReneSola Power Chief Executive Officer, commented, "Business momentum continued in the first quarter. We successfully completed the sale of our 10 MW portfolio of solar projects sooner than expected, which positively contributed to our Q1 results. Solid revenue, coupled with our continued focus on prudent cost control, has enabled us to deliver positive bottom-line results. We are excited about the expanding pipeline of project activity, and are optimistic about our outlook for 2021."

ReneSola Power plans to release its first quarter 2021 financial results in the last week of May 2021. The first quarter 2021 financial results included in this press release are preliminary. Actual results are subject to the completion of ReneSola Power's financial closing procedures and review procedures by the Company's independent registered public accounting firm.

ReneSola Power filed its Annual Report on Form 20-F for the year ended December 31, 2020 with the U.S. Securities and Exchange Commission on April 28, 2021. The Annual Report on Form 20-F can be accessed on ReneSola Power's investor relations website at http://ir.renesolapower.com or on the SEC's website at www.sec.gov.

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly and can sustain that growth due to improved clarity around government policies. The Company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.

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SOURCE ReneSola Ltd.

FAQ

What are ReneSola's preliminary financial results for Q1 2021?

ReneSola expects revenues of over $20 million and a gross margin exceeding 15%.

What is the expected gross margin for ReneSola in Q1 2021?

The gross margin is expected to exceed 15%, up from earlier guidance of 10% to 11%.

When will ReneSola release its actual Q1 2021 financial results?

ReneSola plans to release the actual results in the last week of May 2021.

What contributed positively to ReneSola's Q1 2021 revenue?

The successful sale of a 10 MW portfolio of solar projects contributed positively to the revenue.

What is the stock ticker for ReneSola?

ReneSola trades under the ticker symbol SOL.