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Emeren Group Ltd (SOL - Free Report) reported a loss per American Depositary Share (“ADS”) of 17 cents for the third quarter of 2023. The figure indicates a further deterioration from the loss of 2 cents per ADS reported in the year-ago quarter.
The Zacks Consensus Estimate was pegged at earnings of a cent per share.
Revenues
Emeren’s third-quarter net revenues of $13.9 million decreased 42% from $23.9 million reported in the year-ago period. The reported figure also lagged the Zacks Consensus Estimate of $28 million by 50.7%.
Emeren Group Ltd. Sponsored ADR Price, Consensus and EPS Surprise
As of Sep 30, 2023, SOL had 240 megawatts (MW) of projects in operation. Of these, the company operates 60 MW in Europe, 24 MW in the United States and 156 MW in China.
During the third quarter, Emeren continued to increase its advanced and early-stage project pipeline to 7.8 megawatt-hours (MWh). As of Sep 30, 2023, the company had a storage pipeline of 17.3 MWh in the United States, Europe and China at different stages of development.
Operational Highlights
Its operating expenses amounted to $9.6 million in the reported quarter, up 174.2% year over year. The year-over-year increase resulted primarily from one-time expenses from impairment and the write-off of assets of several pending projects. The gross profit in the quarter came in at $5.7 million compared with $4.5 million in the year-ago period.
The company recorded an operating loss of $4 million against a reported income of $1 million in the prior-year quarter.
Financial Condition
As of Sep 30, 2023, Emeren had cash and cash equivalents of $59.2 million compared with $107.1 million as of Dec 31, 2022.
The cash outflow from operating activities totaled $4.6 million as of Sep 30, 2023 compared with $7.7 million as of Jun 30, 2022.
Guidance
For the fourth quarter of 2023, Emeren projects revenues in the range of $3-$4 million. It also expects a gross margin of 21-25% for the same period.
For 2023, SOL now expects revenues in the range of $110-$113 million. The gross margin for 2023 is expected in the band of 25%-28%.
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2023 adjusted earnings of $1.02 per share, which highlights an 18.4% decline from $1.25 per share reported in the prior-year quarter. The bottom line came in line with the Zacks Consensus Estimate.
Enphase Energy’s third-quarter revenues of $551.1 million missed the Zacks Consensus Estimate of $562 million by 1.9%. The top line also declined 13.2% from the prior-year quarter’s reported figure of $634.7 million.
JinkoSolar Holding Co. Ltd. (JKS - Free Report) reported third-quarter 2023 earnings per ADS of $2.59, beating the Zacks Consensus Estimate of $1.96 by 32.1%. The company reported earnings per ADS of 59 cents in the year-ago quarter.
In the quarter under review, JinkoSolar’s total revenues of $4,363.2 million surpassed the Zacks Consensus Estimate of $4,224 million by 3.3%. The top line surged 63.1% on a year-over-year basis, driven by an increase in solar module shipments.
First Solar, Inc. (FSLR - Free Report) reported third-quarter 2023 earnings of $2.50 per share compared to the prior-year quarter’s loss of 46 cents per share. Earnings beat the Zacks Consensus Estimate of $2.09 per share by 19.6%.
First Solar’s third-quarter net sales were $801.1 million, which lagged the Zacks Consensus Estimate of $901 million by 11.1%. However, the top line improved by 27.4% from the year-ago quarter’s $628.9 million.
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Emeren (SOL) Reports Q3 Loss, Misses Revenue Estimates
Emeren Group Ltd (SOL - Free Report) reported a loss per American Depositary Share (“ADS”) of 17 cents for the third quarter of 2023. The figure indicates a further deterioration from the loss of 2 cents per ADS reported in the year-ago quarter.
The Zacks Consensus Estimate was pegged at earnings of a cent per share.
Revenues
Emeren’s third-quarter net revenues of $13.9 million decreased 42% from $23.9 million reported in the year-ago period. The reported figure also lagged the Zacks Consensus Estimate of $28 million by 50.7%.
Emeren Group Ltd. Sponsored ADR Price, Consensus and EPS Surprise
Emeren Group Ltd. Sponsored ADR price-consensus-eps-surprise-chart | Emeren Group Ltd. Sponsored ADR Quote
Projects
As of Sep 30, 2023, SOL had 240 megawatts (MW) of projects in operation. Of these, the company operates 60 MW in Europe, 24 MW in the United States and 156 MW in China.
During the third quarter, Emeren continued to increase its advanced and early-stage project pipeline to 7.8 megawatt-hours (MWh). As of Sep 30, 2023, the company had a storage pipeline of 17.3 MWh in the United States, Europe and China at different stages of development.
Operational Highlights
Its operating expenses amounted to $9.6 million in the reported quarter, up 174.2% year over year. The year-over-year increase resulted primarily from one-time expenses from impairment and the write-off of assets of several pending projects. The gross profit in the quarter came in at $5.7 million compared with $4.5 million in the year-ago period.
The company recorded an operating loss of $4 million against a reported income of $1 million in the prior-year quarter.
Financial Condition
As of Sep 30, 2023, Emeren had cash and cash equivalents of $59.2 million compared with $107.1 million as of Dec 31, 2022.
The cash outflow from operating activities totaled $4.6 million as of Sep 30, 2023 compared with $7.7 million as of Jun 30, 2022.
Guidance
For the fourth quarter of 2023, Emeren projects revenues in the range of $3-$4 million. It also expects a gross margin of 21-25% for the same period.
For 2023, SOL now expects revenues in the range of $110-$113 million. The gross margin for 2023 is expected in the band of 25%-28%.
Zacks Rank
Emeren 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 third-quarter 2023 adjusted earnings of $1.02 per share, which highlights an 18.4% decline from $1.25 per share reported in the prior-year quarter. The bottom line came in line with the Zacks Consensus Estimate.
Enphase Energy’s third-quarter revenues of $551.1 million missed the Zacks Consensus Estimate of $562 million by 1.9%. The top line also declined 13.2% from the prior-year quarter’s reported figure of $634.7 million.
JinkoSolar Holding Co. Ltd. (JKS - Free Report) reported third-quarter 2023 earnings per ADS of $2.59, beating the Zacks Consensus Estimate of $1.96 by 32.1%. The company reported earnings per ADS of 59 cents in the year-ago quarter.
In the quarter under review, JinkoSolar’s total revenues of $4,363.2 million surpassed the Zacks Consensus Estimate of $4,224 million by 3.3%. The top line surged 63.1% on a year-over-year basis, driven by an increase in solar module shipments.
First Solar, Inc. (FSLR - Free Report) reported third-quarter 2023 earnings of $2.50 per share compared to the prior-year quarter’s loss of 46 cents per share. Earnings beat the Zacks Consensus Estimate of $2.09 per share by 19.6%.
First Solar’s third-quarter net sales were $801.1 million, which lagged the Zacks Consensus Estimate of $901 million by 11.1%. However, the top line improved by 27.4% from the year-ago quarter’s $628.9 million.