SOL - ReneSola plunges 6% following Q4 earnings estimates miss

ReneSola (SOL -5.5%) down 6% following its Q4 earnings, which missed expectations on the top and bottom lines and guided 2022 revenue below consensus. Q4 2021 revenues grew 35.6% Y/Y to $22.8M, below the consensus by $2.1M. The adjusted EPADS of $0.04 were $0.02 shy of the estimates. GAAP gross margin was 31.7% below the guidance range of 36% to 40% due to a delayed project sale, which is now scheduled to close in first half of 2022. The Co. more than doubled its project development business’ mid-to-late stage project pipeline from 1 GW to 2.2 GW, above its original growth target for 2.0 GW. Sold a total of 128 MW of solar projects in 2021, the sales included 12.3 MW of DG projects in Hungary, 75 MW of DG projects in Poland, 28.8 MW of community solar projects in the U.S., and 12 MW of DG projects in Spain. In Q4 2021, the Co.

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ReneSola plunges 6% following Q4 earnings estimates miss