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.