Renew Energy Global Plc Cl A Up 9.61% To $6.50 After Earnings Beat

Monday, November 20, 2023 - Renew Energy Global Plc Cl A (RNW) reported upside earnings and revenues today.

Analyst expectations for Renew Energy Global Plc Cl A earnings per share (EPS) were at $0.10, with the company surpassing those estimates with a reported EPS of $0.11, leading to a positive surprise of $0.01 per share (10%). Renew Energy Global Plc Cl A's earnings rose 467% year-over-year as the firm reported an EPS loss of $0.03 per share in its year-ago quarter. The positive annual growth shows the Utilities company is performing well amid recent economic conditions.

Analyst projections for Renew Energy Global Plc Cl A revenue came in at a consensus of $258.4 million. Second-Quarter revenues surpassed estimates for $345 million by $86.6 million (34%). The company achieved 44% growth year-over-year compared to the firm's revenue of $240 million from the year-ago quarter. The higher earnings growth relative to revenue signals Renew Energy Global Plc Cl A has improved its profit margin.

The stock is up 9.61% to $6.50 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Renew Energy Global Plc Cl A a Bullish Sentiment Rank from InvestorsObserver.

Renew Energy Global Plc Cl A has performed a little above average during the past few months. Before the report, Renew Energy Global Plc Cl A received a Long-Term Technical Rank by InvestorsObserver of 54, putting it in the top half of stocks. The firm set a 52-week low on March 2, 2023 at $4.04 and set a 52-week high on January 18, 2023 at $6.58.

Renewi is a leading waste to product company that gives new life to used materials every day. We have more than 6800 employees working at 174 operating sites across Europe. Our extensive operational network means we are always close to our customers. For Renewi waste is a state of mind and an opportunity. Our many years of knowledge and experience combined with a broad range of services allow us to offer sustainable practical recycling solutions. We use innovation and the latest technology to turn waste into useful materials such as paper metal plastic glass wood building materials compost and energy. In other words we turn todays waste into tomorrows raw materials. The result of our work is less waste and contamination a smarter use of scarce raw materials and a reduction in carbon emissions. This means that we are contributing towards a cleaner circular world in which we waste no more. Renewi was created in 2017 following the merger of Shanks Group plc with Van Gansewinkel Groep BV and is listed on the London Stock Exchange and the Euronext Amsterdam.