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ReneSola (SOL) Set to Report Q3 Earnings: What's in Store?

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ReneSola Ltd’s (SOL - Free Report) is slated to report third-quarter 2021 results on Dec 7, after the closing bell.

In the last reported quarter, the company delivered an earnings surprise of 120.00%. Thecompanyhas a trailing four-quarter earnings surprise of242.50%, on average.

Factors to Note

The robust growth in solar installations is expected to continue going forward owing to mounting demand for carbon-free power. Solid growth in sales in its various projects development activities added during the third quarter is likely to have contributed tothe to-be-reported quarter’s revenuesto the tune of $19-$21 million.

Apart from its well-established market in China, ReneSola might have gained from its projects spread across more than 10 countries. The benefits of the same are likely to get reflected in the company’s third-quarter results.

Decreased cost for solar installation may have spurred the demand for solar energy projects, which in turn is likely to have favored  ReneSola’s performance in the to-be reported quarter.

Renesola Ltd. Price and EPS Surprise

Renesola Ltd. Price and EPS Surprise

Renesola Ltd. price-eps-surprise | Renesola Ltd. Quote

 

Q3 Estimates

Over the past couple of quarters, ReneSola has been focused on reducing its debt, which lessens the interest burden on the company. This might have favored the to-be-reported quarter’s performance.

The Zacks Consensus Estimate for third-quarter revenues is pegged at $20.22 million, suggesting growth of 107.4% from the year-ago reported figure.

The Zacks Consensus Estimate for the company’s third-quarter earningsis pegged at 5 cents per share,at par with the year-ago quarter.

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 ESPand 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 other Solar players that have released their earnings

Canadian Solar (CSIQ - Free Report) reported third-quarter adjusted earnings of 42 cents per share, which surpassed the Zacks Consensus Estimate of 18 cents by 133.3%.

Interestingly, the Zacks Consensus Estimate for Canadian Solar’s 2021 revenues is pegged at $5.29 billion,suggesting growth of 52.3% from the year-ago period. Shares of Canadian Solar havereturned 5.7% in the last three months.

SolarEdge Technologies(SEDG - Free Report) reported third-quarter adjusted earnings of $1.45 per share, which surpassed the Zacks Consensus Estimate of $1.38 by 5.1%.

TheZacks Consensus Estimate for SolarEdge’s 2021 revenues standsat $1.96 billion,indicating an improvement of 34.5% from the year-ago period. Shares of SolarEdge have gained 26.7% in the last one year.

Enphase Energy (ENPH - Free Report) reported third-quarter 2021 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 47 cents by 27.7%.

The Zacks Consensus Estimate of $2.26 per share for 2021 earnings has been revised upwards by 16.5%. The 3-5 yeas long-term earnings growth rate for ENPH is pegged at 38.47%. Impressively, shares of Enphase Energy have appreciated a whopping 99.3% in the last one year.