ReneSola (SOL) Misses Q2 EPS by 3c, Revenues Beat; Offers FY18 Revenue Outlook

ReneSola (NYSE: SOL) reported Q2 EPS of $0.00, $0.03 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $27.8 million versus the consensus estimate of $25.5 million.

Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented, "We are quite satisfied with our second quarter performance. Revenue was at the high end of our expectations, and we meaningfully improved our operating margin. Second quarter gross profit and operating income were identical to the first quarter. These results demonstrate our steadily improving earnings power, as we continue to scale up the new business model we initiated last year."

Li continued, "In August, we announced a very important development, the potential sale of our operating DG assets in China to Brookfield. Should we reach a deal during the 60 day exclusivity period, this sale will provide substantial capital for us to recycle back into the growth of our business. We remain optimistic about our opportunities around the world, and look forward to funding the continued growth of our 1.5 GW pipeline."

GUIDANCE:

ReneSola sees FY2018 revenue of $130-140 million, versus the consensus of $139.2 million.

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

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