— ReneSola Ltd. (NYSE: SOL) reported its third-quarter 2019 earnings of $0.06 per share versus $0.05 per share expected.
— Net revenue soared by 252% year-over-year to $65.96 million versus $20.5 million expected.
![Earnings Update by AlphaStreet](https://cdn.news.alphastreet.com/wp-content/uploads/2019/02/Earnings-Coverage-1280.jpg)
— Revenue from Project Development was largely driven by the sale of the 55MW portfolio in Poland. Energy sales were mostly from the 67.8 million kWh generated by its rooftop DG projects in China.
— The total project pipeline of 1.1 GW is down from 1.4 GW last quarter, as is its late-stage pipeline, which decreased to 399 MW from 714 MW in Q2.
— Looking ahead into the fourth quarter, the company expects revenue to be in the range of $45-50 million compared to the consensus estimates of $57.7 million. The gross margin is predicted to be 10-15%.
— For the full year 2019, revenue is expected to be in the range of $130-140 million compared to the consensus estimates of $104.8 million. The gross margin is anticipated to be 20-25%.
— In addition, the company appointed Yumin Liu as CEO, effective December 4, 2019. Shelley Xu, who served as CEO since July 2019, left ReneSola to pursue other opportunities.
— Ke Chen was appointed to serve as CFO, effective immediately. Chen will continue to serve on the board. Xiaoliang Liang, who had served as CFO since June 2018, also left ReneSola to pursue other opportunities.
— The company’s corporate headquarters will be moved to Stamford, Connecticut, USA. This is in order to align its structure with the new leadership team, its growing focus on global markets, and its US stock listing.
Most Popular
CL Earnings: Key quarterly highlights from Colgate-Palmolive’s Q2 2024 financial results
Colgate-Palmolive Company (NYSE: CL) reported its second quarter 2024 earnings results today. Net sales increased 4.9% year-over-year to $5 billion. Organic sales increased 9%. Net income attributable to Colgate-Palmolive Company was $731
Key takeaways from Visa’s Q3 2024 earnings report
Credit card behemoth Visa, Inc. (NYSE: V) this week reported mixed results for the June quarter, with earnings matching expectations and sales slightly missing the view. Both numbers grew in
Southwest Airlines (LUV): A look at the airline’s performance in Q2 2024
Shares of Southwest Airlines Co. (NYSE: LUV) were up over 6% on Thursday after the company beat earnings estimates for the second quarter of 2024. The stock has gained 4%