ReneSola Power Announces Preliminary Third Quarter 2020 Result

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) has announced preliminary unaudited financial results for Q3 2020, projecting revenue between $8 million and $10 million, exceeding previous guidance. The gross margin is expected to surpass 42%, up from the estimated 38% to 42%. Additionally, the company anticipates a net profit of at least $2 million, surpassing analyst expectations. CEO Yumin Liu expressed optimism about project pipelines and growth prospects despite the challenges posed by the COVID-19 pandemic. Final results will be disclosed on December 1, 2020.

Positive

• Revenue expected at the high end of $8 to $10 million
• Gross margin projected to exceed 42%
• Anticipated net profit of at least $2 million, exceeding analyst estimates

Negative

• None.

STAMFORD, Conn., Nov. 12, 2020 /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 third quarter of fiscal year 2020.

Preliminary Third Quarter 2020 Results

Based on preliminary unaudited results, the Company now expects revenue for the third quarter of 2020 to be at the high end of the previously announced guidance range of $8 million to $10 million. Gross margin for the third quarter of 2020 is expected to exceed 42%, compared to prior guidance of 38% to 42%. In addition, the Company expects a profitable third quarter with at least $2 million in net profits, which significantly exceed the current analyst consensus estimates.

Mr. Yumin Liu, ReneSola Power Chief Executive Officer, commented, "Solid revenue, coupled with our strong focus on prudent cost control, has enabled us to deliver robust bottom-line results.  We are encouraged by the pipeline of project activity, and remain optimistic about multi-year growth prospects. I also want to recognize the dedication of our team in executing our strategies despite the ongoing global uncertainty with the COVID-19 pandemic."

ReneSola Power plans to release its third quarter 2020 financial results on Tuesday, December 1, 2020. The third 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.

View original content to download multimedia:http://www.prnewswire.com/news-releases/renesola-power-announces-preliminary-third-quarter-2020-result-301171499.html

SOURCE ReneSola Ltd.

FAQ

What are the preliminary Q3 2020 results for ReneSola (SOL)?

ReneSola expects Q3 2020 revenue of $8 to $10 million and a gross margin exceeding 42%.

When will ReneSola (SOL) release its Q3 2020 financial results?

ReneSola plans to release its Q3 2020 financial results on December 1, 2020.

What is the expected net profit for ReneSola (SOL) in Q3 2020?

ReneSola anticipates a net profit of at least $2 million for Q3 2020.

How does ReneSola (SOL) plan to grow in the future?

The company is optimistic about its project pipeline and multi-year growth prospects.