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ReneSola's (SOL) Loss Narrows in Q1, Revenues Plunge Y/Y

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ReneSola Ltd (SOL - Free Report) reported a first-quarter 2022 adjusted loss of 2 cents per American Depositary Share (“ADS”). The reported figure narrowed from the year-ago quarter’s loss of 5 cents per ADS. The Zacks Consensus Estimate for first-quarter 2022 earnings was pegged at a loss of 7 cents per ADS.

Revenues

ReneSola’s first-quarter net revenues of $3.5 million plunged 84.6% year over year from $22.8 million. The Zacks Consensus Estimate for first-quarter revenues was pegged at $4 million.

Renesola Ltd. Price, Consensus and EPS Surprise

Renesola Ltd. Price, Consensus and EPS Surprise

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

Projects

As of Mar 31, 2022, SOL had 183 megawatts (MW) of projects in operation. Of these, the company operates 159 MW of rooftop projects in China and 24 MW in the United States.

As of Mar 31, 2022, the company had 2.1 gigawatts of mid-to-late-stage projects in the pipeline.

Operational Highlights

Operating expenses totaled $3.4 million in the first quarter, up 23.7% year over year. The gross profit in the quarter was $1.4 million compared with $6.8 million in the year-ago period.

The operating loss in the quarter amounted to $2.2 million against the operating income of $4 million in the prior-year period.

Financial Condition

As of Mar 31, 2022, ReneSola had cash and cash equivalents of $222.9 million compared with $254.1 million as of Dec 31, 2021.

The cash outflow from operating activities was $14.4 million as of Mar 31, 2022 against the cash inflow of $8.8 million as of Dec 31, 2021.

Guidance

ReneSola expects second-quarter 2022 revenues in the range of $13-$16 million, with the gross margin estimated between 35% and 40%. For the second quarter of 2022, the Zacks Consensus Estimate for revenues is pegged at $27.5 million.

For full-year 2022, SOL continues to expect revenues in the range of $100-$120 million, with an overall gross margin of 20-25%. The Zacks Consensus Estimate for 2022 revenues is pegged at $111.1 million, slightly higher than the midpoint of the company’s expectation.

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

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 by 41.1% from the 56 cents reported in the prior-year quarter. The Zacks Consensus Estimate for first-quarter earnings was 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.

First Solar (FSLR - Free Report) reported a first-quarter 2022 loss of 41 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line deteriorated significantly from the prior-year quarter’s earnings of $1.96 per share.

First Solar’s first-quarter sales were $367 million, which lagged the Zacks Consensus Estimate of $567.4 million by 35.3%. FSLR’s top line also declined 54.3% from the year-ago quarter’s $803.4 million.