Emeren Group Q2 Earnings Miss Estimates, Revenues Top
Emeren Group Ltd’s (NYSE: SOL) share price increased 5.9% to reach $1.96 on Aug 21 following the company’s latest quarterly release.
Emeren reported an income per American Depositary Share (“ADS”) of a penny for the second quarter of 2024, which missed the Zacks Consensus Estimate of 7 cents by 85.7%. The figure also reflects a deterioration of 92.9% from the year-ago quarter’s reported figure of 14 cents per share.
Revenues
Emeren’s second-quarter net revenues of $30.1 million declined 11.2% from $33.9 million reported in the year-ago period. However, the reported figure surpassed the Zacks Consensus Estimate of $23 million by 30.9%.
Emeren Group Ltd. Sponsored ADR Price, Consensus and EPS Surprise
Emeren Group Ltd. Sponsored ADR price-consensus-eps-surprise-chart | Emeren Group Ltd. Sponsored ADR Quote
Projects
As of Jun 30, 2024, SOL had 264 megawatts of projects in operation. Of these, the company operates 80 MW in Europe, 24 MW in the United States and 160 MW in China.
During the second quarter, Emeren continued to increase its advanced and early-stage solar development project pipeline to 7,844 MW.
Operational Highlights
Emeren’s operating expenses amounted to $6.4 million in the reported quarter, down 15.7% year over …
Full story available on Benzinga.com
