ReneSola (SOL) Misses Q1 EPS by 8c, Sales Beat

ReneSola (NYSE: SOL) reported Q1 EPS of ($1.16), $0.08 worse than the analyst estimate of ($1.08). Revenue for the quarter came in at $156.6 million versus the consensus estimate of $143.76 million.

• Revenue of $156.6 million exceeded the high end of the guidance range of $130 million to $150 million;
• Gross margin was 1.1%, compared to 2.1% in Q4 2016 and 17.1% in Q1 2016;
• Net loss was $23.2 million, compared to net loss of $25.5 million in Q4 2016 and net income of $5.7 million in Q1 2016;
• Total external module shipments were 266.8 MW while module shipments to the Company's downstream projects were approximately 44.3 MW;
• Total external wafer shipments were 259.2 MW, compared to 305.9 MW in Q4 2016 and 351.0 MW in Q1 2016;
• Recognized revenue of $2.2 million from sale of rooftop projects in China with aggregate capacity of 2.3 MW;
• Signed agreements to sell a 6.75 MW of utility project in North Carolina and 1.3 MW of utility projects in Holyoke, Massachusetts with revenue expected to be recognized in Q2 2017;
• Connected two ground-mounted projects in the UK with a combined capacity of approximately 10 MW; revenue is expected to be recognized in Q2;
• As of June 2, 2017, the Company had a solar power project pipeline of over 1.4GW, of which 613.1 MW are "shovel-ready";
• LED sales of $9.6 million increased by approximately 3% compared to Q4 2016 with gross margin of approximately 30.9%; and
• Total borrowings increased by $54.3 million to $678.6 million compared to Q4 2016.

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

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