ReneSola (SOL) Tops Q1 EPS by 10c; Guides Q2 Revenue Above Views

ReneSola (NYSE: SOL) reported Q1 EPS of $0.06, $0.10 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $260.7 million versus the consensus estimate of $256.05 million.

• Total external module shipments were 350.7 MW while module shipments to the Company's downstream projects were 20.1 MW;
• Sold 9.7 MW of projects in Bulgaria; the sales were booked as disposal of assets and contributed to operating income of $2.5 million;
• The Company now has a solar power project pipeline of 785.3 MW at different development stages; and
• The Company connected four utility-scale projects to UK grid during the quarter with total capacity of approximately 20 MW

GUIDANCE:

ReneSola sees Q2 2016 revenue of $280 - $290 million, versus the consensus of $275.3 million.

ReneSola sees FY2016 revenue of $1.0 - $1.2 billion, versus the consensus of $1.13 billion.

For earnings history and earnings-related data on ReneSola (SOL) click here.

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