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ReneSola Ltd (SOL - Free Report) reported fourth-quarter 2021 earnings of 4 cents per American Depositary Share (ADS) from continuing operations, on par with the Zacks Consensus Estimate. The reported figure improved significantly from the year-ago quarter’s loss of 1 cent per ADS.
ReneSola reported 21 cents per ADS from continuing operations for full-year 2021, which increased a solid 180% from 8 cents per ADS reported in 2020. However, earnings lagged the Zacks Consensus Estimate of 24 cents per share by 12.5%.
Revenues
ReneSola’s fourth-quarter net revenues of $22.8 million missed the Zacks Consensus Estimate of $25 million by 9.4%. However, the top line improved 35.7% year over year from $16.8 million.
In 2021, SOL generated sales worth $79.7 million, up 8% from the year-ago figure of $73.5 million. Revenues lagged the Zacks Consensus Estimate of $82 million by 2.8%.
As of Dec 31, 2021, ReneSola had 180 megawatts (MW) of projects in operation. Of these, the company operates 156 MW of rooftop projects in China and 24 MW in the United States.
As of Dec 31, 2021, the company had a project development pipeline of 2.2 GW, up 120% year over year. At the end of the fourth quarter of 2021, ReneSola had 728 MW of mid-to-late-stage projects in the pipeline.
Operational Highlights
Operating expenses totaled $8.7 million in the fourth quarter, up 480% year over year.
Operating income in the quarter amounted to $3.5 million compared with the year-ago quarter’s operating income of $0.2 million.
Gross profit in the quarter was $7.8 million, up a solid 212% year over year. The gross margin in the reported quarter expanded 1870 basis points year over year.
Financial Condition
As of Dec 31, 2021, ReneSola had cash and cash equivalents of $254.1 million compared with $40.6 million as of Dec 31, 2020.
Cash flow from operating activities was $8.5 million at the end of 2021 compared with cash outflow of $13.5 million in the year-ago period.
Guidance
ReneSola expects first-quarter 2022 revenues in the range of $3-$4 million.
For full-year 2022, SOL expects revenues in the range of $100-$120 million, with an overall gross margin of 20-25%.
Enphase Energy (ENPH - Free Report) reported fourth-quarter 2021 adjusted earnings of 73 cents per share, which surpassed the Zacks Consensus Estimate of 57 cents by 28.1%. The bottom line improved 43.1% from 51 cents per share reported in the prior-year quarter.
Enphase Energy’s fourth-quarter revenues of $412.7 million beat the Zacks Consensus Estimate of $403 million by 2.4%. ENPH’s top line soared 55.8% from the year-ago quarter’s $264.8 million, driven by the strong demand for its microinverter systems.
SunPower (SPWR - Free Report) reported fourth-quarter 2021 loss of 7 cents per share in contrast to the Zacks Consensus Estimate of earnings of 4 cents. The bottom line significantly declined from earnings of 14 cents per share reported in the prior-year quarter.
SunPower’s total revenues for the quarter came in at $384.2 million, which declined 13.8% from the prior-year quarter. SPWR’s top line also beat the Zacks Consensus Estimate of $379.1 million by 1.3%.
JinkoSolar (JKS - Free Report) reported fourth-quarter 2021 adjusted earnings of 67 cents per ADS, which beat the Zacks Consensus Estimate of 31 cents by a solid 116.1%. Earnings also increased by a whopping 509% from the year-ago figure of 11 cents per share.
JinkoSolar reported earnings per share of $1.70 for full-year 2021, which decreased 48.2% from $3.28 reported in 2020. Earnings also beat the Zacks Consensus Estimate of $1.44 per share by 18.1%.
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ReneSola (SOL) Q4 Earnings Meet Estimates, Revenues Rise Y/Y
ReneSola Ltd (SOL - Free Report) reported fourth-quarter 2021 earnings of 4 cents per American Depositary Share (ADS) from continuing operations, on par with the Zacks Consensus Estimate. The reported figure improved significantly from the year-ago quarter’s loss of 1 cent per ADS.
ReneSola reported 21 cents per ADS from continuing operations for full-year 2021, which increased a solid 180% from 8 cents per ADS reported in 2020. However, earnings lagged the Zacks Consensus Estimate of 24 cents per share by 12.5%.
Revenues
ReneSola’s fourth-quarter net revenues of $22.8 million missed the Zacks Consensus Estimate of $25 million by 9.4%. However, the top line improved 35.7% year over year from $16.8 million.
In 2021, SOL generated sales worth $79.7 million, up 8% from the year-ago figure of $73.5 million. Revenues lagged the Zacks Consensus Estimate of $82 million by 2.8%.
Renesola Ltd. Price, Consensus and EPS Surprise
Renesola Ltd. price-consensus-eps-surprise-chart | Renesola Ltd. Quote
Projects
As of Dec 31, 2021, ReneSola had 180 megawatts (MW) of projects in operation. Of these, the company operates 156 MW of rooftop projects in China and 24 MW in the United States.
As of Dec 31, 2021, the company had a project development pipeline of 2.2 GW, up 120% year over year. At the end of the fourth quarter of 2021, ReneSola had 728 MW of mid-to-late-stage projects in the pipeline.
Operational Highlights
Operating expenses totaled $8.7 million in the fourth quarter, up 480% year over year.
Operating income in the quarter amounted to $3.5 million compared with the year-ago quarter’s operating income of $0.2 million.
Gross profit in the quarter was $7.8 million, up a solid 212% year over year. The gross margin in the reported quarter expanded 1870 basis points year over year.
Financial Condition
As of Dec 31, 2021, ReneSola had cash and cash equivalents of $254.1 million compared with $40.6 million as of Dec 31, 2020.
Cash flow from operating activities was $8.5 million at the end of 2021 compared with cash outflow of $13.5 million in the year-ago period.
Guidance
ReneSola expects first-quarter 2022 revenues in the range of $3-$4 million.
For full-year 2022, SOL expects revenues in the range of $100-$120 million, with an overall gross margin of 20-25%.
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 (ENPH - Free Report) reported fourth-quarter 2021 adjusted earnings of 73 cents per share, which surpassed the Zacks Consensus Estimate of 57 cents by 28.1%. The bottom line improved 43.1% from 51 cents per share reported in the prior-year quarter.
Enphase Energy’s fourth-quarter revenues of $412.7 million beat the Zacks Consensus Estimate of $403 million by 2.4%. ENPH’s top line soared 55.8% from the year-ago quarter’s $264.8 million, driven by the strong demand for its microinverter systems.
SunPower (SPWR - Free Report) reported fourth-quarter 2021 loss of 7 cents per share in contrast to the Zacks Consensus Estimate of earnings of 4 cents. The bottom line significantly declined from earnings of 14 cents per share reported in the prior-year quarter.
SunPower’s total revenues for the quarter came in at $384.2 million, which declined 13.8% from the prior-year quarter. SPWR’s top line also beat the Zacks Consensus Estimate of $379.1 million by 1.3%.
JinkoSolar (JKS - Free Report) reported fourth-quarter 2021 adjusted earnings of 67 cents per ADS, which beat the Zacks Consensus Estimate of 31 cents by a solid 116.1%. Earnings also increased by a whopping 509% from the year-ago figure of 11 cents per share.
JinkoSolar reported earnings per share of $1.70 for full-year 2021, which decreased 48.2% from $3.28 reported in 2020. Earnings also beat the Zacks Consensus Estimate of $1.44 per share by 18.1%.