Investorideas.com releases a look at solar company earnings & anticipated growth in the sector, featuring news from Direct Solar of America, subsidiary of $SING
SinglePoint Inc (OTCQB:SING)
POINT ROBERTS, WASHINGTON, UNITED STATES, November 15, 2019 /EINPresswire.com/ — Solar Earnings Shine in 2019 – Singling out the Winners in the Solar Revolution
Investorideas.com, a leading investor news resource covering solar stocks releases a sector snapshot looking at solar company earnings and the anticipated growth in the sector, featuring news from Direct Solar of America, a subsidiary of Singlepoint Inc. (OTCQB: SING).
Read the full solar stocks article on Investorideas.com
Other solar stocks included in this earnings snapshot include; Vivint Solar Inc. (NYSE: VSLR), SolarEdge Technologies, Inc. (NASDAQ: SEDG) and Sunrun Inc. (NASDAQ: RUN).
According to a recent report by the IEA (https://www.iea.org/), ‘Global solar PV market set for spectacular growth over next 5 years,’ “The installation of solar PV systems on homes, commercial buildings and industrial facilities is set to take off over the next five years, transforming the way electricity is generated and consumed, according to the International Energy Agency’s latest renewable energy market forecast.”
“The report forecasts that the world’s total renewable-based power capacity will grow by 50% between 2019 and 2024. This increase of 1,200 gigawatts – equivalent to the current total power capacity of the United States – is driven by cost reductions and concerted government policy efforts. Solar PV accounts for 60% of the rise. The share of renewables in global power generation is set to rise from 26% today to 30% in 2024.”
Fairly new to the solar industry and investors following the sector, emerging company Singlepoint Inc. (OTCQB: SING) saw the growing opportunity in solar and acquired Direct Solar of America. Singlepoint Inc. just reported record Third Quarter 2019 Financial Results. The Company reported revenues of $1,050,374 for the three months ended September 30, 2019, a 176% increase over the same period in 2018. The Company said in the release, “The Company’s most recent acquisition, Direct Solar, continues to exceed revenue growth targets and has been pivotal to improving the Company’s financials.”
Looking at future growth, Direct Solar of America recently announced it signed a MOU with SchollyME. Direct Solar and SchollyME will collaborate on marketing Direct Solar through the schools that SchollyME is currently working with. The collaboration will put Direct Solar into the high school programs as a partner with SchollyME. This marketing strategy has already seen major success in driving new business for both companies.
SolarEdge Technologies, Inc. (NASDAQ: SEDG), a global leader in smart energy, announced its financial results for the third quarter ended September 30, 2019 last week and beat both earnings and revenue expectations. The Company reported record revenues of $410.6 million, up 26% from $325.0 million in the prior quarter and up 74% from $236.6 million in the same quarter last year. Revenues related to the solar business were $387.8 million, up 26% from $306.7 million in the prior quarter and up 66% from $233.8 million in the same quarter last year.
Vivint Solar Inc. (NYSE: VSLR) announced results for the third quarter ending September 30, 2019 after market November 6th. Following the news, the stock rose as high as 11.6% in trading as it beat analyst revenue expectations.
Sunrun Inc. (NASDAQ: RUN) the nation’s leading residential solar, storage and energy services company issued its third quarter 2019 earnings report after the market close, November 12, 2019. Total revenue grew to $215.5 million in the third quarter of 2019, up $10.6 million, or 5% from the third quarter of 2018.
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Source: EIN Presswire