ReneSola Ltd.


SOL

reported third-quarter 2022 earnings per American Depositary Share (ADS) of 4 cents per share. The figure improved from the year-ago quarter’s earnings of a cent. The Zacks Consensus Estimate for third-quarter 2022 earnings was pegged at a penny.

Revenues

ReneSola’s third-quarter adjusted net revenues of $28.9 million surged 85.5% year over year from $8.2 million. The reported figure also beat the Zacks Consensus Estimate of $23 million.

Projects

As of Sep 30, 2022, SOL had 249 megawatts (MWs) of projects in operation. Of these, the company operates 60 MWs in Europe, 24 MWs in U.S. and 165 MWs in China. In the third quarter, the company added a 50-MW solar farm in Branston, U.K., and completed the construction of 10 MWs IPP in Hungary.

Operational Highlights

Its adjusted operating expenses totaled $3.5 million in the third quarter, up 20.6% year over year. The adjusted gross profit in the quarter was $8.5 million compared with $6.1 million in the year-ago period.

The company’s adjusted operating income in the quarter amounted to $5 million compared with $3.1 million in the prior-year period.

Financial Condition

As of Sep 30, 2022, ReneSola had cash and cash equivalents of $122.9 million compared with $254.1 million as of Dec 31, 2021.

The cash outflow from operating activities was $5.2 million as of Sep 30, 2022, compared with a cash outflow of $5 million as of Sep 30, 2021.

Guidance

For 2022, SOL expects revenues of $85-$90 million, with an overall gross margin of 25-30%. The Zacks Consensus Estimate for 2022 revenues is pegged at $106.9 million, higher than the mid-point 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

Enphase Energy, Inc.


ENPH

reported third-quarter 2022 adjusted earnings of $1.25 per share, which improved by a solid 108.3% from the 60 cents reported in the prior-year quarter.

Enphase Energy’s third-quarter revenues of $634.7 million beat the Zacks Consensus Estimate of $617 million by 2.9%. The top line soared 80.6% from the year-ago quarter’s $351.5 million.

First Solar, Inc.


FSLR

reported a third-quarter 2022 loss of 46 cents per share, wider than the Zacks Consensus Estimate of a loss of 23 cents. The bottom line declined significantly from the prior-year quarter’s earnings of 52 cents per share.

First Solar’s third-quarter sales were $628.9 million, which missed the Zacks Consensus Estimate of $770 million by 18.4%. However, the top line improved 1.3% from the year-ago quarter’s $620.9 million primarily due to increased module sales.

SunPower Corporation


SPWR

reported third-quarter 2022 adjusted earnings of 13 cents per share, which declined 8.3% from the year-ago period.

In the quarter under review, SunPower’s adjusted revenues were $469.8 million compared with $281.6 million in the prior-year quarter.

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