ReneSola Ltd.SOL reported earnings of a penny per American Depositary Share (ADS) for the third quarter of 2018, in line with the Zacks Consensus Estimate.
ReneSola's third-quarter net revenues of $18.8 million missed the Zacks Consensus Estimate of $19 million by 1.1%. Moreover, revenues reflected a massive decline from $36.3 million in third-quarter 2017. However, the top line came in at the upper end of the company's expected revenue range of $15-$20 million for the reported quarter.
Renesola Ltd. Price, Consensus and EPS Surprise
Renesola Ltd. Price, Consensus and EPS Surprise | Renesola Ltd. Quote
As of Sep 30, 2018, ReneSola owned more than 232 megawatt (MW) of rooftop projects in operation, concentrated in the eastern provinces of China. It has over 132 MW of rooftop projects under construction. The company's 14 MW of completed projects were up for sale as of Sep 30.
It boasts a pipeline of more than 1.5 gigawatts (GW) of projects in various stages, of which 783.3 MW are late-stage ones as of Sep 30. Notably, late-stage projects worth 131.8 MW are under construction.
Gross profit was $8.6 million in the reported quarter compared with $6.4 million in third-quarter 2017.
Operating expenses totaled $2.9 million, up 14.5% from the prior-year quarter.
Operating income in the quarter under review came in at $5.7 million, which grew nearly 49% from the year-ago quarter's figure.
As of Sep 30, 2018, ReneSola's cash and cash equivalents plus restricted cash were $10.7 million compared with $13.4 million as of Dec 31, 2017.
Long-term borrowings were $73.3 million as of Sep 30, up from $32.5 million as of Dec 31, 2017.
ReneSola expects fourth-quarter 2018 revenues in the band of $20-$30 million and overall gross margin in the range of 20-25%.
Recent Solar Releases
Sunrun Inc. RUN incurred third-quarter 2018 loss of 2 cents per share, comparing unfavorably with the Zacks Consensus Estimate for earnings of 34 cents.
First Solar Inc. FSLR delivered third-quarter 2018 earnings of 54 cents per share, beating the Zacks Consensus Estimate of 45 cents by 20%.
SunPower Corp. SPWR suffered third-quarter 2018 adjusted loss of 29 cents per share, narrower than the Zacks Consensus Estimate of a loss of 45 cents.
ReneSola currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportSunrun Inc. (RUN): Free Stock Analysis ReportSunPower Corporation (SPWR): Free Stock Analysis ReportFirst Solar, Inc. (FSLR): Free Stock Analysis ReportRenesola Ltd. (SOL): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research