ReneSola Earnings: Here’s Why the Stock is Rising Now
ReneSola Ltd. (NYSE:SOL) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 14.55%.
ReneSola Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.24 in the quarter versus EPS of $-0.40 in the year-earlier quarter.
Revenue: Rose 61.95% to $377.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: ReneSola Ltd. reported adjusted EPS loss of $0.24 per share. By that measure, the company beat the mean analyst estimate of $-0.30. It beat the average revenue estimate of $367.73 million.
Quoting Management: “We made substantial progress in the second quarter of 2013, and we are very pleased to deliver Q2 results that exceeded our guidance with record shipment volume and a much improved gross margin,” said Mr. Xianshou Li, ReneSola’s chief executive officer. “Our focus on improving our selling prices and enhancing the market profile of our products led to increased shipments and a positive gross margin of over seven percent. In the second quarter, we continued to focus on sales and marketing to build our brand image and introduced our proprietary technology to customers across multiple international markets. We have received positive feedback from customers on the quality of our products and continued to win repeat business. Additionally, we developed new downstream products such as mounting systems and inverters, which have received certification in more than 20 countries so far this year. Despite what remains a challenging macro environment and a fiercely competitive solar industry, we are optimistic our investments will set us up for long-term growth and continued geographic expansion.”
Key Stats (on next page)…