ReneSola (SOL) Holding Steady After Earnings, Sichuan Project Progressing

ReneSola (SOL) reported an expected EPS loss in the 4th quarter, posting a loss of .05/share on revenues of $158.6 million which was a touch above estimates and 65% over the year ago quarter.  The quarter marks the first time in 2 years that the company didn’t post sequential quarterly revenue growth.  For the full year 2009, the company expects sales of $650 – 700 million, vs the analyst expectation of $700 million

RenSola CEO Mr. Li said, “With our significant increase in ingot and wafer production capacity we strengthened our position as one of the world’s leading solar wafer producers and increased our market share across key global markets. Our R&D investment contributed to further reductions in our silicon consumption rate and processing costs and, as a result, we generated positive operating cash flows in the fourth quarter despite the difficulties in the market. We have also made good progress in the development of our wholly-owned 3,000 metric tonne (MT) polysilicon project in Sichuan, with Phase 1 scheduled to be operational by mid-2009 and Phase 2 expected to be operational by the end of the third quarter of 2009. The addition of in-house polysilicon manufacturing will further enhance our competitiveness and our position as a leading, low-cost wafer producer.”

Shares of SOL are holding steady in premarket trading.

ReneSola (SOL) Reports Q4 Adj-Loss of $0.05; Guides FY09 Sales, Shipments

ReneSola Ltd. (NYSE: SOL) reports Q4 loss of $0.05, ex-items, versus the analyst estimate of ($1.43). Revenues for the quarter were $158.6 million, versus the consensus of $157.68 billion.
Sees Fy09 sales of $650-$700 million, versus the consensus of $700.11 million. Shipments for the year are expected to be 620-670 MW.

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