ReneSola (SOL) Beats & Guides Higher

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08:24:44 am on August 19, 2008

ReneSola (SOL) posted outstanding results  this morning with an EPS of .38, nearly 4x higher than the year ago quarter and 6 cents ahead of analyst estimates.  Revenues came in at 173 million, a 289% increase over the year ago quarter and more than 30 million ahead of estimates. 

The company sees FY revenues of 640-670, vs prior guidance of 570 – 590 and the analyst estimate of 612. 

“We are excited about the results from our operational and R&D efforts. By the end of the quarter, our annualized production capacity reached 450 MW and it remains on track to achieve the targeted capacity of 645 MW by the end of the year. We continued to improve our production efficiency by further reducing our average silicon consumption rate to 6.24 grams per watt in the second quarter of 2008 from 6.3 grams per watt in the previous quarter. In addition, with a strong focus on R&D, we made significant advancements in the utilization of alternative silicon materials for future wafer production including the use of metallurgical grade silicon.”

After a surge over the past week, the stock is selling off a bit premarket, down 3% ahead of the bell.

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