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- Company Expects Net Profits of At Least $2 million
STAMFORD, Conn., Nov. 12, 2020 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced preliminary unaudited financial results for the third quarter of fiscal year 2020.
Preliminary Third Quarter 2020 Results
Based on preliminary unaudited results, the Company now expects revenue for the third quarter of 2020 to be at the high end of the previously announced guidance range of $8 million to $10 million. Gross margin for the third quarter of 2020 is expected to exceed 42%, compared to prior guidance of 38% to 42%. In addition, the Company expects a profitable third quarter with at least $2 million in net profits, which significantly exceed the current analyst consensus estimates.
Mr. Yumin Liu, ReneSola Power Chief Executive Officer, commented, "Solid revenue, coupled with our strong focus on prudent cost control, has enabled us to deliver robust bottom-line results. We are encouraged by the pipeline of project activity, and remain optimistic about multi-year growth prospects. I also want to recognize the dedication of our team in executing our strategies despite the ongoing global uncertainty with the COVID-19 pandemic."
ReneSola Power plans to release its third quarter 2020 financial results on Tuesday, December 1, 2020. The third quarter 2020 financial results included in this press release are preliminary. Actual results are subject to the completion of ReneSola Power's financial closing procedures and review procedures by the Company's independent registered public accounting firm.
About ReneSola Power
ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.
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SOURCE ReneSola Ltd.