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ReneSola (SOL) Set to Report Q1 Earnings: What's in Store?
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ReneSola Ltd’s (SOL - Free Report) is slated to report first-quarter 2022 results on Jun 7, after the closing bell.
In the last reported quarter, the company delivered a negative earnings surprise of 33.33%. The company has a trailing four-quarter earnings surprise of 94.17%, on average.
Factors to Note
Solid demand observed in the solar industry, lately, particularly in the markets of Germany and the United States is expected to have contributed to ReneSola’s first-quarter top-line performance. However, delayed project sale might have hurt overall revenues.
On the cost side, significant project cancellation costs expected to be incurred by ReneSola might have dragged down the company’s bottom line in the soon-to-be-reported quarter.
Q1 Estimates
The Zacks Consensus Estimate for first-quarter revenues is pegged at $3.93 million, suggesting a decline of 82.7% from the year-ago reported figure.
The Zacks Consensus Estimate for the company’s first-quarter earnings is pegged at a loss of 6 cents per share, suggesting a significant deterioration from the year-ago quarter’s reported bottom line.
Our proven model does not conclusively predict an earnings beat for ReneSola this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. But this is not the case here as you will see.
Earnings ESP: The company’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Here are three Solar players that have already released their earnings
Canadian Solar Inc. (CSIQ - Free Report) reported first-quarter 2022 earnings of 14 cents per share in contrast to the Zacks Consensus Estimate of a loss of 5 cents. However, the bottom line deteriorated 61.1% from the first-quarter 2021 reported figure.
This solar cell manufacturer’s total revenues of $1,250.3 million missed the Zacks Consensus Estimate of $1,291 million by 3.1%. However, the top line improved a solid 14.8% year over year.
SunPower Corporation (SPWR - Free Report) reported first-quarter 2022 adjusted earnings of 2 cents per share, which lagged the Zacks Consensus Estimate of 3 cents. The bottom line also marked a deterioration from the year-ago quarter’s earnings of 5 cents per share.
During the quarter under review, SunPower’s adjusted revenues came in at $336.1 million, while its GAAP revenues were $350.3 million. SPWR’s revenues surpassed the Zacks Consensus Estimate of $334 million by 0.7%.
Enphase Energy (ENPH - Free Report) reported first-quarter 2022 adjusted earnings of 79 cents per share, which improved 41.1% from the 56 cents reported in the prior-year quarter. The Zacks Consensus Estimate for first-quarter earnings is pegged at 68 cents.
Enphase Energy’s first-quarter revenues of $441.3 million beat the Zacks Consensus Estimate of $434 million by 1.7%. ENPH’s top line soared 46.2% from the year-ago quarter’s $301.8 million.
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ReneSola (SOL) Set to Report Q1 Earnings: What's in Store?
ReneSola Ltd’s (SOL - Free Report) is slated to report first-quarter 2022 results on Jun 7, after the closing bell.
In the last reported quarter, the company delivered a negative earnings surprise of 33.33%. The company has a trailing four-quarter earnings surprise of 94.17%, on average.
Factors to Note
Solid demand observed in the solar industry, lately, particularly in the markets of Germany and the United States is expected to have contributed to ReneSola’s first-quarter top-line performance. However, delayed project sale might have hurt overall revenues.
On the cost side, significant project cancellation costs expected to be incurred by ReneSola might have dragged down the company’s bottom line in the soon-to-be-reported quarter.
Q1 Estimates
The Zacks Consensus Estimate for first-quarter revenues is pegged at $3.93 million, suggesting a decline of 82.7% from the year-ago reported figure.
The Zacks Consensus Estimate for the company’s first-quarter earnings is pegged at a loss of 6 cents per share, suggesting a significant deterioration from the year-ago quarter’s reported bottom line.
Renesola Ltd. Price and EPS Surprise
Renesola Ltd. price-eps-surprise | Renesola Ltd. Quote
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for ReneSola this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. But this is not the case here as you will see.
Earnings ESP: The company’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: ReneSola currently carries a Zacks Rank #2.You can see the complete list of today’s Zacks #1 Rank stocks here.
Recent Solar Releases
Here are three Solar players that have already released their earnings
Canadian Solar Inc. (CSIQ - Free Report) reported first-quarter 2022 earnings of 14 cents per share in contrast to the Zacks Consensus Estimate of a loss of 5 cents. However, the bottom line deteriorated 61.1% from the first-quarter 2021 reported figure.
This solar cell manufacturer’s total revenues of $1,250.3 million missed the Zacks Consensus Estimate of $1,291 million by 3.1%. However, the top line improved a solid 14.8% year over year.
SunPower Corporation (SPWR - Free Report) reported first-quarter 2022 adjusted earnings of 2 cents per share, which lagged the Zacks Consensus Estimate of 3 cents. The bottom line also marked a deterioration from the year-ago quarter’s earnings of 5 cents per share.
During the quarter under review, SunPower’s adjusted revenues came in at $336.1 million, while its GAAP revenues were $350.3 million. SPWR’s revenues surpassed the Zacks Consensus Estimate of $334 million by 0.7%.
Enphase Energy (ENPH - Free Report) reported first-quarter 2022 adjusted earnings of 79 cents per share, which improved 41.1% from the 56 cents reported in the prior-year quarter. The Zacks Consensus Estimate for first-quarter earnings is pegged at 68 cents.
Enphase Energy’s first-quarter revenues of $441.3 million beat the Zacks Consensus Estimate of $434 million by 1.7%. ENPH’s top line soared 46.2% from the year-ago quarter’s $301.8 million.