RTTNews | May 26, 2021 10:01AM EDT

10:00 Wednesday, May 26, 2021 (RTTNews.com) - Shares of ReneSola Ltd. (SOL) are rising over 13% Wednesday morning, after the company reported better-than-expected Q1 results. The stock, which has been trading in the range of $0.93 - $35.77 for the past one year, is currently trading at $8.61, up $1.00 or 13.14%, with volume of over 811K versus an average volume of 2.39 million shares.

The company reported first-quarter net income of $0.8 million or $0.01 per ADS compared to a net loss of $4.4 million or $0.09 per ADS incurred last year.

On a non-GAAP basis, net income attributed to ReneSola Power was $3.0 million or $0.05 per ADS versus a loss of $2.0 million or $0.04 per ADS in the prior year period.

Net revenues for the quarter amounted to $22.8 million, higher than the previous year's revenue of $21.2 million.

Analysts polled by Thomson Reuters expected a loss of $0.02 per share on revenue of $19.04 million for the quarter. Analysts' estimate typically exclude certain special items.

Outlook

For full year 2021, the company continues to project revenue in the range of $90 million - $100 million and gross margin of over 25%. Further, ReneSola expects a profitable 2021 with significant profit growth compared to 2020. The company's guidance reflects its strategy to focus on profitability and bottom-line growth. Wall Street analysts estimate earnings of $0.14 per share on revenue of $98.53 million for the year 2021.

For the second quarter of 2021, the company expects revenue to be in the range of $19 million - $22 million and gross margin in the range of 36% - 39%. Analysts look for revenues of $23.2 million for the quarter.

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