Emeren falls on downbeat revenue outlook

Emeren

22/11/2023 13:36

** Shares of solar project developer Emeren Group  SOL.N  
decline 16.03% to $2.20 in premarket trading
    ** Co says delay in approval of 53 megawatt (MW) solar
project portfolio in Hungary has weighed on results 
    ** SOL cuts FY23 revenue forecast to $110 mln-$113 mln from 
$154 mln-$174 mln, well below the average analyst's estimate of
$132 mln - LSEG
    ** Expects Q4 revenue between $50 mln-$53 mln vs. estimate
of $65.92 mln
    ** Emeren's Q3 net loss widens to $9.4 mln from $1.07 mln
year ago on one-time impairment and asset write-off expenses of
$4.3 mln
    ** Up to last close, stock is down 42.04% YTD

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com))