ReneSola (SOL) Reports Mixed Results, Expects Return To Profitability In Two Quarters

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09:24:41 am on November 16, 2009

ReneSola (SOL) reported mixed Q3 results this morning posting a loss of $0.07 which was inline with analyst estimates on revenues of $140.9 million which was a bit better than Wall St estimates of $136.8 million.

The company says it’s seeing a strong rebound in demand and expects to work through its high priced inventory early next year which will get the company back in the black.  CEO Xianshou Li also commented on recent acquisitions:

“The benefits of our strategic acquisition of JC Solar and evolution into an OEM based, vertically integrated solar manufacturer expedited with the recently announced acquisition of Dynamic Green Energy are allowing us to build upon our strong wafer manufacturing platform and deliver high quality, low cost products throughout the solar production value chain.”

The company is revising shipments guidance upward for 2009 from a range of 450 – 500MW to a range of 490 – 520MW.  For next year it sees shipments doubling to 900 – 950MW with a return to profitability and gross margins in the mid teens.

Shares of SOL are up about 4% in premarket trading.

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