ReneSola Ltd. (SOL - Free Report) reported earnings of a penny, per American Depositary Share (ADS) in the first quarter of 2018, which came in line with the Zacks Consensus Estimate. The company had reported a loss of 2 cents per ADS in the year-ago quarter.
ReneSola’s first-quarter net revenue of $44.8 million surpassed the Zacks Consensus Estimate of $30 million by 49.3%. Moreover, revenues reflected a massive improvement from $0.2 million in first quarter 2017.
The upside was driven mainly from sale of utility solar projects in the United Kingdom, DG projects in China and provision of EPC services.
As of Mar 31, 2018, ReneSola owns over 193 megawatt (MW) of rooftop projects in operation, concentrated in the eastern provinces of China, and has over 27 MW of rooftop projects under construction. The company currently has 10.4 MW of completed projects, which are currently in sale process.
As of Mar 31, 2018, the company had a pipeline of more than 1.1 gigawatts (GW) of projects in various stages, of which 748 MW are late-stage projects. Of these late-stage projects, 156 MW projects are under construction.
Gross profit was $8.4 million in the first quarter, compared to $0.2 million of gross loss in first quarter 2017.
Operating expenses totaled $2.5 million, up 100% from the prior year quarter.
Operating income in the quarter came in at $5.9 million compared to the operating loss of $1.5 million registered in the year-ago quarter. The company had reported operating income of $4.9 million in the fourth quarter of 2017.
Renesola Ltd. Price, Consensus and EPS Surprise