January 17 (Renewables Now) - ReneSola Ltd (NYSE:SOL) on Thursday trimmed its fourth-quarter and 2019 revenue expectations after facing a delay in the recognition of revenue from the sale of a project in Canada.
Revenues from the particular project will be booked in the company’s first-quarter 2020 results.
The solar project developer said in a press release it now expects to report between USD 20 million (EUR 18m) and USD 25 million in revenues for the closing quarter of 2019, against the previously estimated USD 45 million-50 million. Revenue for the full year will be impacted as well and is seen at USD 115 million-120 million.
The following table contains more details about ReneSola’s guidance, based on preliminary estimates.
|Figures in USD||NEW Q4||OLD Q4||NEW 2019||OLD 2019|
|Gross margin (%)||27-31||10-15||25-30||20-25|
"Despite the near-term challenge, the foundation of our business is strong and more evident than ever,” said CEO Yumin Liu, adding that sale activity is growing across many of the company’s business regions. “We are confident in our ability to successfully monetise our robust project pipeline in the next several quarters," the CEO said.
ReneSola will publish its fourth-quarter and 2019 financial report in March.
(USD 1.0 = EUR 0.898)