Emeren reports Q3 EPS 9c, consensus 9c

Reports Q3 revenue $12.9M, consensus $26.24M. CEO Yumin Liu said, “In Q3 2024, our company executed on its bottom-line focus, achieving solid profitability despite softer-than-anticipated revenue resulting from delays in closing scheduled project sales. With $12.9M in revenue, we achieved a gross profit of approximately $5.6M, yielding a solid gross margin of 43.8%, $2.1M in operating profit and $4.8M in net income. Strong EBITDA of $8.5M further reflects our commitment to sustainable profitability and core business resilience. Revenue was lower than anticipated due to timing issue, particularly delays in government approvals for three projects in Europe. These remain in our pipeline and are expected to contribute to revenue once approvals are secured…In conclusion, the future of solar energy is promising, and we are strategically positioned to capitalize on the accelerating adoption of solar technology worldwide. With our expertise, industry partnerships, and strong financial foundation, we are advancing towards our goal of becoming a leading global renewable energy company. We are enthusiastic about the future and proud to be driving the transition to a more sustainable world”.