ReneSola Power Announces Preliminary Second Quarter 2020 Revenue; Exceeds Previously Announced Guidance

STAMFORD, Conn., Aug. 6, 2020 /PRNewswire/ -- ReneSola Ltd (NYSE: SOL) ("ReneSola Power" or the "Company"), a leading fully-integrated solar project developer today announced preliminary unaudited financial results for the second quarter of fiscal year 2020.

Preliminary Second Quarter 2020 Results

Based on preliminary unaudited results, the Company now expects revenue for the second quarter of 2020 to be more than $25 million, up from prior guidance of $22 million to $25 million. Gross margin for the second quarter of 2020 is expected to exceed 20%, compared to prior guidance of 17% to 20%. In addition, the Company expects a profitable second quarter with positive net profits.

Mr. Yumin Liu, ReneSola Power Chief Executive Officer, commented, "Business momentum coming into the second quarter continued to improve, as project activity resumed across a number of our target geographies. Solid revenue, coupled with our continued focus on prudent cost-control efforts, has enabled us to return to profitability.  We are pleased with our progress, and are optimistic about our outlook for the remainder of 2020."

ReneSola Power plans to release its second quarter 2020 financial results on Thursday, August 27, 2020. The second 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.