ReneSola (NYSE: SOL) reported Q1 EPS of ($0.03), $0.02 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $3.5 million versus the consensus estimate of $20.2 million.

GUIDANCE:

ReneSola sees FY2022 revenue of $100-120 million, versus the consensus of $111 million.

• For 2022, we reiterate our expectation for full year revenue in the range of $100 to $120 million. Project sales for the year began to ramp in Q2 and should accelerate throughout the year. As such, we anticipate our Q2 revenue will be between $13 million to $16 million and our Q2 gross margin to be between 35% to 40%. We expect gross margin for the year between 20 to 25%. For net profit, we are targeting $9 to $10 million for the full year, which is in line with our prior guidance of at least 30% growth.

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