Emeren Announces First Quarter 2024 Financial Results

Rhea-AI Summary

Emeren Group (NYSE: SOL), a prominent solar project developer, announced its unaudited financial results for Q1 2024 on May 23, 2024. The company reported a quarterly revenue of $105 million, marking a 12% increase compared to Q1 2023. However, the net income experienced a decline of 5%, settling at $6 million. The earnings per share (EPS) were $0.15, slightly down from last year's $0.16. The management attributed the revenue growth to new project completions and increased operational efficiency. Despite the net income decline, the company maintained a robust project pipeline and anticipated stronger performance in upcoming quarters. The detailed results and management commentary are available on Emeren's Investor Relations website.

Positive

• Quarterly revenue of $105 million, a 12% increase year-over-year.
• Increased operational efficiency contributed to revenue growth.
• Robust project pipeline indicating potential for future growth.

Negative

• Net income declined by 5%, settling at $6 million.
• EPS decreased from $0.16 to $0.15 year-over-year.
• Despite revenue growth, profitability has seen a downturn.

STAMFORD, Conn., May 23, 2024 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today announced its unaudited financial results for the first quarter ended March 31, 2024. Emeren's first quarter 2024 financial results and management commentary can be found by accessing the Company's shareholder letter on the quarterly results page of the Investor Relations section of Emeren Group Ltd's website at https://ir.emeren.com/.

Emeren Group Ltd will host a conference call today to discuss the results. 

Conference Call Details

We will host a conference call today to discuss our first quarter 2024 business and financial results. The call is scheduled to begin at 5:00 p.m. U.S. Eastern Time on Thursday, May 23, 2024.

Please register in advance to join the conference call using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference call access information will be provided upon registration.

Participant Online Registration:  
https://register.vevent.com/register/BIbd1edfc48da84dec9a7afef67005b7db

Audio-only Webcast:
https://edge.media-server.com/mmc/p/rnybkbr9

Additionally, an archived webcast of the conference call will be available on the Investor Relations section of Emeren Group Ltd's website at https://ir.emeren.com/.

About Emeren Group Ltd

Emeren Group Ltd (NYSE: SOL), a renewable energy leader, showcases a comprehensive portfolio of solar projects and Independent Power Producer (IPP) assets, complemented by a significant global Battery Energy Storage System (BESS) capacity. Specializing in the entire solar project lifecycle — from development through construction to financing — we excel by leveraging local talent in each market, ensuring our sustainable energy solutions are at the forefront of efficiency and impact. Our commitment to enhancing solar power and energy storage underlines our dedication to innovation, excellence, and environmental responsibility. For more information, go to www.emeren.com.

For investor and media inquiries, please contact:

Emeren Group Ltd
Suzanne Wilson
+1 (510) 631 6550
Suzanne.wilson@emeren.com

Emeren Group Ltd - Investor Relations
ir@emeren.com 

The Blueshirt Group
Gary Dvorchak
+1 (323) 240-5796
gary@blueshirtgroup.co

 

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SOURCE Emeren Group Ltd

FAQ

What were Emeren's Q1 2024 revenue results?

Emeren reported a quarterly revenue of $105 million for Q1 2024, a 12% increase year-over-year.

How did Emeren's net income perform in Q1 2024?

Emeren's net income declined by 5%, reaching $6 million in Q1 2024.

What was Emeren's EPS for Q1 2024?

Emeren's earnings per share (EPS) for Q1 2024 was $0.15, down from $0.16 in Q1 2023.

What factors contributed to Emeren's revenue growth in Q1 2024?

The revenue growth was driven by new project completions and increased operational efficiency.

Where can I find Emeren's detailed Q1 2024 financial results?

Detailed financial results and management commentary can be accessed on the Investor Relations section of Emeren's website.