ReneSola Power Announces Preliminary Second Quarter 2020 Revenue; Exceeds Previously Announced Guidance

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) announced preliminary unaudited financial results for Q2 2020, expecting revenues to exceed $25 million, up from prior guidance of $22-$25 million. The gross margin is anticipated to surpass 20%, an increase from the 17-20% previously forecasted. The company is set to report a profitable second quarter, showcasing improved business momentum as project activities resumed. CEO Yumin Liu expressed optimism regarding the outlook for the remainder of 2020. Full financial results will be released on August 27, 2020.

Positive

• Revenue expected to exceed $25 million, an increase from prior guidance.
• Gross margin anticipated to surpass 20%.
• Company projected to achieve profitability in Q2 2020.

Negative

• None.

STAMFORD, Conn., Aug. 6, 2020 /PRNewswire/ -- ReneSola Ltd (NYSE: SOL) ("ReneSola Power" or the "Company"), a leading fully-integrated solar project developer today announced preliminary unaudited financial results for the second quarter of fiscal year 2020.

Preliminary Second Quarter 2020 Results

Based on preliminary unaudited results, the Company now expects revenue for the second quarter of 2020 to be more than $25 million, up from prior guidance of $22 million to $25 million. Gross margin for the second quarter of 2020 is expected to exceed 20%, compared to prior guidance of 17% to 20%. In addition, the Company expects a profitable second quarter with positive net profits.

Mr. Yumin Liu, ReneSola Power Chief Executive Officer, commented, "Business momentum coming into the second quarter continued to improve, as project activity resumed across a number of our target geographies. Solid revenue, coupled with our continued focus on prudent cost-control efforts, has enabled us to return to profitability.  We are pleased with our progress, and are optimistic about our outlook for the remainder of 2020."

ReneSola Power plans to release its second quarter 2020 financial results on Thursday, August 27, 2020. The second quarter 2020 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.

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 the preliminary Q2 2020 revenue results for ReneSola (SOL)?

ReneSola expects revenues to exceed $25 million for Q2 2020.

What is the expected gross margin for ReneSola in Q2 2020?

The expected gross margin for Q2 2020 is over 20%.

When will ReneSola release its full Q2 2020 financial results?

ReneSola plans to release its full Q2 2020 financial results on August 27, 2020.

Is ReneSola expected to be profitable in Q2 2020?

Yes, ReneSola is expected to report positive net profits in Q2 2020.

What did CEO Yumin Liu say about ReneSola's business momentum?

CEO Yumin Liu noted that business momentum improved as project activity resumed.