Emeren Group reports decline in Q2 net income
Emeren Group (SOL) reported a significant drop in its second quarter net income, falling to $392,000 from $8.35 million the previous year. Earnings per American Depositary Share (ADS) decreased to $0.01, compared to $0.14 in the same period last year. This fell short of analysts’ expectations, who had predicted a profit per share of $0.07, according to Thomson Reuters.
The company’s adjusted EBITDA also declined, reaching $4.62 million, down from $9.31 million in the previous year. Total net revenues for the quarter were $30.06 million, a slight decrease from $33.85 million last year, aligning with analysts’ estimates.
Looking ahead, Emeren Group forecasts earnings per ADS of approximately $0.43 for fiscal 2024, with expected revenues ranging between $150 million and $160 million.