- Fourth Quarter Revenue Expected to be $20 to $25 Million Versus Prior Guidance of $45 to $50 Million
- Fourth Quarter Gross Margin Expected to be 27% - 31% Versus Prior Guidance of 10% - 15%
- Full-year 2019 Revenue Expected to be $115 to $120 Million Versus Prior Guidance of $130 to $140 Million
- Full-year 2019 Gross Margin Expected to be 25% - 30% Versus Prior Guidance of 20% - 25%
CHANGCHUN, China, January.
17, 2020 /PVTIME/ -- ReneSola Ltd ("ReneSola
Power" or the "Company") (www.renesolapower.com)
(NYSE: SOL), a leading fully integrated solar project developer, today updated
its financial guidance for the fourth quarter and fiscal year 2019 to reflect
the delay in recognizing revenue from the sale of a solar project in
Canada. The Company now anticipates completing this project sale and
recognizing revenue in the first quarter of 2020.
Preliminary Fourth Quarter and Full-year Results
Based on preliminary unaudited results, the Company expects revenue for
the fourth quarter of 2019 to be in the range of $20 million to $25 million,
compared to its previous guidance of $45 million to $50 million. Gross
margin for the fourth quarter of 2019 is expected to be in the range of 27% to
31%, compared to the prior guidance of 10% to 15%. For fiscal year 2019, the
Company expects revenue to range between $115 million and $120 million,
compared to its previous guidance of $130 million to $140 million. Gross margin
for fiscal year 2019 is expected to be in the range of 25% to 30%, compared to
the prior guidance of 20% to 25%.
ReneSola Power CEO Yumin Liu commented, "Fourth quarter results were
impacted by the delay in the closing of the sale of a project in
Canada. Despite the near-term challenge, the foundation of our business is
strong and more evident than ever. Sale activity continues to increase
across many of our geographies, helping to accelerate our business momentum. We
are confident in our ability to successfully monetize our robust project
pipeline in the next several quarters."
ReneSola Power plans to release its fourth quarter and full year 2019
financial results in March 2020. The fourth quarter and full-year 2019
financial results included in this press release are preliminary. Actual
results are subject to the completion of ReneSola Power's year-end financial
closing procedures, and review and audit procedures by the Company's
independent registered public accounting firm.
SOURCE: ReneSola Ltd.