ReneSola Power Announces Third Quarter 2020 Financial Results

Rhea-AI Summary

ReneSola Power reported Q3 2020 revenue of $9.7 million, aligning with the high end of its guidance. This marks the company's second consecutive quarter of profitability, with a net income of $2.1 million attributed to ReneSola Ltd. The results underscore the company's strategic focus on solar project development in rapidly growing markets across the U.S. and Europe.

Positive

• Q3 2020 revenue of $9.7 million at the high end of guidance.
• Net income of $2.1 million indicating profitability.

Negative

• None.

-- Q3 Revenue of $9.7 Million, at the High End of Guidance Range
-- Second consecutive quarter of profitability
-- Net income attributed to ReneSola Ltd of $2.1 million

STAMFORD, Conn., Dec. 1, 2020 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced its unaudited financial results for the third quarter ended September 30, 2020.  ReneSola Power's third quarter 2020 financial results and management commentary can be found by accessing the Company's shareholder letter on the quarterly results page of the Investor Relations section of ReneSola Power's website at: http://ir.renesolapower.com.

ReneSola Power will hold a conference call today to discuss results and to provide an update on the business.

Conference Call Details

ReneSola Power's management will hold a conference call today, December 1, 2020 at 4:30 p.m. U.S. Eastern Time (5:30 a.m. China Standard Time on Wednesday, December 2, 2020) to discuss financial results. 

Please register in advance to join the conference call using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference call access information will be provided upon registration.

Participant Online Registration: http://apac.directeventreg.com/registration/event/7488976

A replay of the conference call may be accessed by phone at the following numbers until September 4, 2020. To access the replay, please reference the conference ID 7488976.

	Phone Number	Toll-Free Number
United States	+1 (646) 254-3697	+1 (855) 452-5696
Hong Kong	+852 3051-2780	+852 8009-63117
Mainland China	+86 (800) 870-0206 +86 (400) 602-2065
Other International	+61 (2) 8199-0299

A webcast of the conference call will be available on ReneSola Power's website at http://ir.renesolapower.com.

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 were ReneSola's Q3 2020 financial results?

ReneSola reported Q3 2020 revenue of $9.7 million and a net income of $2.1 million.

How does ReneSola's performance in Q3 2020 compare to previous quarters?

ReneSola achieved profitability for the second consecutive quarter in Q3 2020.

What is ReneSola's future outlook following its Q3 2020 results?

The company continues to focus on solar project development in high-margin markets in the U.S. and Europe.