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Shares of ReneSola Ltd. (SOL - Free Report) increase 16.4% to reach $8.86 on May 26, reflecting investors' optimism following its first-quarter results.
The company reported earnings of 5 cents per American Depositary Share (ADS) from continuing operations in first-quarter 2021 against the Zacks Consensus Estimate of a loss of 2 cents. The reported figure also improved from the year-ago quarter’s loss of 4 cents.
Notably, earnings reported in the quarter can be attributed to the company’s improved top-line performance.
Revenues
ReneSola’s first-quarter net revenues of $22.8 million surpassed the Zacks Consensus Estimate of $19 million by 13.9%. The top line, however, increased 7.5% year over year from $21.2 million.
Projects
As of Mar 31, 2021, ReneSola had 172 megawatts (MW) of rooftop projects in operation. Of these, the company operates 148 MW of rooftop projects in China and 24 MW in the United States.
As of Mar 31, 2021, the company completed 850 MW of projects. At the end of the first quarter of 2021, ReneSola had 1,312 MW of late-stage projects. Of these, 6 MW are under construction.
Operational Highlights
Operating expenses totaled $2.72 million during the first quarter, up 8.6% year over year.
Operating income in the quarter came in at $4.09 million against the year-ago quarter’s operating loss of $1.14 million.
As of Mar 31, 2021, ReneSola had cash and cash equivalents of $301 million compared with $40.6 million as of Dec 31, 2020.
Operating cash outflow from continuing operations summed $10.4 million as of Mar 31, 2021, compared with cash outflow of $9.9 million in the year-ago period.
Guidance
ReneSola expects second-quarter 2021 revenues of $19-$22 million, with an overall gross margin of 36-39%. For second-quarter revenues, the Zacks Consensus Estimate is pegged at $23.2 million, higher than the company’s anticipated view.
For 2021, the company projects revenues of $90-$100 million. Overall gross margin is expected to be more than 25%.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2021 adjusted earnings of 56 cents per share, which surpassed the Zacks Consensus Estimate of 41 cents by 36.6%.
First Solar Inc. (FSLR - Free Report) reported first-quarter 2021 adjusted earnings of $1.96 per share, which surpassed the Zacks Consensus Estimate of $1.00 by 96%.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported first-quarter 2021 adjusted earnings of 98 cents per share, which missed the Zacks Consensus Estimate of $1.01 by 3%.
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ReneSola (SOL) Q1 Earnings Beat Estimates, Revenues Rise Y/Y
Shares of ReneSola Ltd. (SOL - Free Report) increase 16.4% to reach $8.86 on May 26, reflecting investors' optimism following its first-quarter results.
The company reported earnings of 5 cents per American Depositary Share (ADS) from continuing operations in first-quarter 2021 against the Zacks Consensus Estimate of a loss of 2 cents. The reported figure also improved from the year-ago quarter’s loss of 4 cents.
Notably, earnings reported in the quarter can be attributed to the company’s improved top-line performance.
Revenues
ReneSola’s first-quarter net revenues of $22.8 million surpassed the Zacks Consensus Estimate of $19 million by 13.9%. The top line, however, increased 7.5% year over year from $21.2 million.
Projects
As of Mar 31, 2021, ReneSola had 172 megawatts (MW) of rooftop projects in operation. Of these, the company operates 148 MW of rooftop projects in China and 24 MW in the United States.
As of Mar 31, 2021, the company completed 850 MW of projects. At the end of the first quarter of 2021, ReneSola had 1,312 MW of late-stage projects. Of these, 6 MW are under construction.
Operational Highlights
Operating expenses totaled $2.72 million during the first quarter, up 8.6% year over year.
Operating income in the quarter came in at $4.09 million against the year-ago quarter’s operating loss of $1.14 million.
Renesola Ltd. Price, Consensus and EPS Surprise
Renesola Ltd. price-consensus-eps-surprise-chart | Renesola Ltd. Quote
Financial Condition
As of Mar 31, 2021, ReneSola had cash and cash equivalents of $301 million compared with $40.6 million as of Dec 31, 2020.
Operating cash outflow from continuing operations summed $10.4 million as of Mar 31, 2021, compared with cash outflow of $9.9 million in the year-ago period.
Guidance
ReneSola expects second-quarter 2021 revenues of $19-$22 million, with an overall gross margin of 36-39%. For second-quarter revenues, the Zacks Consensus Estimate is pegged at $23.2 million, higher than the company’s anticipated view.
For 2021, the company projects revenues of $90-$100 million. Overall gross margin is expected to be more than 25%.
Zacks Rank
ReneSola currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2021 adjusted earnings of 56 cents per share, which surpassed the Zacks Consensus Estimate of 41 cents by 36.6%.
First Solar Inc. (FSLR - Free Report) reported first-quarter 2021 adjusted earnings of $1.96 per share, which surpassed the Zacks Consensus Estimate of $1.00 by 96%.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported first-quarter 2021 adjusted earnings of 98 cents per share, which missed the Zacks Consensus Estimate of $1.01 by 3%.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>