Solar Industry Companies Report Or Project Solid Revenue Gains For Latest Quarter or Monthly Reporting Periods; Tesla And Walmart Settle Solar Lawsuit
Solar industry companies including SolarEdge Technologies (NASDAQ: SEDG), Solar Integrated Roofing Corp. (OTC PINK: SIRC) and SinglePoint (OTCQB: SING) are reporting or projecting sharp gains in solar performance for their most recent quarter or monthly reporting periods. In other news, Tesla, Inc. (NASDAQ: TSLA) shares jumped more than $9 yesterday as the solar panel suit against it by Walmart (NYSE: WMT) was settled Wednesday.
Tickers: Solar Integrated Roofing Corp. (OTC PINK: SIRC), SinglePoint (OTCQB: SING), Canadian Solar Inc. (NASDAQ:CSIQ), SolarEdge Technologies (NASDAQ: SEDG), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB.TO), First Solar (NASDAQ: FSLR), Tesla (NASDAQ: TSLA), Wal-Mart (NYSE: WMT).
New York, NY, November 7, 2019 — Stock Market Press is a leading financial news company that delivers up to date news. News on the wires today includes how several solar industry companies are reporting sharp increases in revenues for their latest quarters or monthly reporting periods. We are also discussing a greater than $9 jump in Tesla, Inc. shares (NASDAQ: TSLA) yesterday following the settlement of the solar panel fire suit against it by Walmart (NYSE: WMT).
Solar companies reported solid gains among some mixed results yesterday. Several companies, including SinglePoint (OTCQB: SING), Solar Integrated Roofing Corp. (OTC PINK: SIRC) and SolarEdge Technologies (NASDAQ: SEDG), are reporting or projecting future higher solar revenues.
Dave Massey, CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), said that his company recorded record revenue of $1.7 million for the month of October, a 40% increase over the September numbers, which were themselves a record setting $1.2 million. He said the gains were experienced across all of its companies. This includes McKay Roofing at $558,000 in October at a 20%+ profit margin. Also, Secure Roofing and Solar generated more than $521,000 and Montross turned in nearly $200,000 in revenue for the month.
Narrate, SIRC’s marketing company, recorded just shy of $370,000, or 50% higher than the prior month. Massey said that Narrate is performing on schedule and building a massive lead base. SIRC is seeking to build a national footprint with its focus on acquisitions of like companies.
Massey added, “We expect this growth to continue as we cross sell our solar/roofing solutions and generate new business.” He is optimistic about 2020 as California has mandated all new home construction be equipped beginning in January 2020 with solar energy capabilities. The result of the mandate, he said, will positively impact the company’s revenues in 2020 and beyond. He explained that the integration of the company’s acquisitions are just beginning to show the results expected from the company’s business plan.
In a MoneyTV interview, Massey said in the future he would be looking for more acquisition targets for Solar Integrated Roofing Corp. (OTC PINK: SIRC). He said earlier that SIRC has completed its audit and has started the process of up listing.
In other news we also talk about SinglePoint (OTCQB: SING), Canadian Solar Inc. (NASDAQ: CSIQ), SolarEdge Technologies, Inc. (NASDAQ: SEDG), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB.TO), First Solar (NASDAQ: FLSR). Tesla (NASDAQ: TSLA), Walmart (NYSE: WMT).
Tesla, Inc. (NASDAQ: TSLA) and Walmart (NYSE: WMT) have settled their lawsuit over solar panels Tesla installed on Walmart roofs that caught fire. Both companies filed documents in New York Supreme Court yesterday to end the lawsuit. Walmart had filed suit against Tesla for some seven solar panels Tesla had installed on Walmart roofs that caught fire. Settlement terms were not disclosed.The suit was filed last August and Walmart claimed several million in damages were caused by the fires, which occurred from 2012-2018. Both companies said safety is a priority as they reactivate the systems. Yesterday, Tesla (NASDAQ: TSLA) was up $9.36 or 2.95% to $326.58. Walmart (NYSE: WMT) shares yesterday rose to $119.51, an increase of $0.65 or .55%. In after-hours trading, Walmart rose to $119.60.
SinglePoint (OTCQB: SING) predicts that its Direct Solar subsidiary is helping drive its sales. Greg Lambrecht, CEO, predicted in a recent interview that the company would generate revenue of $1.2 million for Q3 this year. For 2020, he said, DS would raise revenues of $10-$12 million in the 12 months. In fact, he predicted that DS could deliver revenues up to some $2 million monthly in 2020. Key has been SING’s addition of subsidiary Direct Solar Capital to help buyers finance solar installations.
Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB.TO) will hold an earnings call on November 14 to discuss its results for the first quarter ended September 30, 2019. Hosting the call will be Terry Booth, CEO; Glen Ibbott, CFO; Cam Battley, CCO; and Michael Singer, Executive Chairman.
Canadian Solar Inc. (NASDAQ: CSIQ), one of the world’s largest solar companies, has scheduled an earnings call on November 12 to discuss the company’s performance for Q3 2019 and its future outlook. Yesterday its stock reached $17.05 in after hours trading, up $0.08 or 0.47%.
SolarEdge Technologies (NASDAQ: SEDG) reported Q3 2019 results at the top of its guidance. It reported record revenues of $410.6 million and record revenues from solar products of $387.8 million. The solar sector delivered sales 26% higher than the $306.7 million the prior quarter and 66% higher than the comparable quarter the prior year. The company projects fourth quarter ending December 31, 2019 sales in the range of $410 million-$420 million. Solar products Q4 revenues are projected by SEDG to be in the range of $388 million-398 million.
First Solar Inc. (NASDAQ: FSLR) reported sales of $546.8 million for Q3 2019, a 19.1% decline from the year ago’s comparable quarter of $676.2 million. Operating income in the latest quarter fell to $41.3 million, off by 29.4% from the $58.5 million in the same year-ago quarter. The company engages in designing, manufacturing, marketing and distribution of photoelectric systems and solar modules. Yesterday its shares dropped to $53.36, down $0.51 or 0.95%
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