- ReneSola Ltd. (NYSE:SOL) reported fourth-quarter revenue growth of 39.1% year-over-year to $22.82 million, missing the consensus of $24.98 million.
- The gross margin expanded to 31.8% from 12.1% a year ago.
- SOL reports an operating loss of $(1.44) million for the quarter, compared to a profit of $478 thousand a year ago.
- Adjusted EPADS was $0.04, missing the consensus of $0.06.
- Cash flow from operating activities was $8.5 million for the quarter.
- As of December 31, 2021, ReneSol held cash and cash equivalents of $254.1 million.
- The company repurchased ~$18 million or ~3 million ADS shares or 4% of total American Depository Shares outstanding.
- 1Q22 Outlook: The company expects revenue will only be between $3 million to $4 million as the bulk of its project sales are scheduled to ramp up beginning in Q2.
- FY22 Outlook: SOL expects revenue in the range of $100 to $120 million. Gross margin to be between 20% – 25%.
- It expects a net profit between $9 to $10 million.
- Price Action: SOL shares are trading higher by 2.21% at $6.95 during the post-market session on Wednesday.
