ADR Down 5.49% To $3.27 After Earnings Beat

Emeren Group Ltd ADR (SOL) reported earnings of $0.14 per share in Q2 2023, beating estimates. However, the company's revenue of $33.8 million fell short of expectations by $5.3 million. The stock is down 5.49% to $3.27 after the report. Despite lower revenue growth, the firm has improved its profit margin. Wall Street analysts had previously rated the stock a Strong Buy. ReneSola Power is a global solar project developer and operator.
九月. 07, 2023 17:06
ADR Down 5.49% To $3.27 After Earnings Beat

Emeren Group Ltd ADR (SOL) announced its earnings for the second quarter of 2023, reporting a profit of $0.14 per share. However, it is important to note that these earnings are on an adjusted basis, making it difficult to directly compare them to analyst estimates or previous periods.

On the revenue front, the company fell short of expectations, reporting $33.8 million, which was $5.3 million below estimates.

In comparison, during the same quarter last year, Emeren Group Ltd ADR reported a loss of $0.01 per share with revenue of $8.2 million.

Following the earnings report, the stock experienced a decline of 5.49% and is currently priced at $3.27.

The lower revenue growth suggests that the company has successfully managed to reduce costs and improve its overall profit margin.

Prior to this report, Wall Street analysts had a Strong Buy recommendation for the stock, but this may be subject to revision based on the new data.

InvestorsObserver currently gives the stock a Bullish Sentiment score, taking recent trading into account.

Before the report, InvestorsObserver had given the stock an overall score of 39, while the average Wall Street analyst rated it as a Strong Buy.

ReneSola Power (NYSE: SOL) is a prominent global solar project developer and operator. The company specializes in solar power project development, construction management, and project financing services. With local teams in over 10 countries, ReneSola Power operates in regions where solar power projects are experiencing rapid growth, supported by improved government policies. The company's strategy focuses on pursuing high-margin project development opportunities in profitable and expanding markets, particularly in the U.S. and Europe. ReneSola Power holds a market-leading position in various geographies, including Poland, Hungary, Minnesota, and New York.