ReneSola (SOL) Raising 08 Outlook, Guides 09 Lower Than Estimates

ReneSola (SOL) is raising its 08 estimates this morning but lowering estimates for 09.  It sees Q4 sales sales of $157 – $159 million vs the consensus of $153.63.  For the full year 08 the company now expects sales of $669 million to $671 million vs its previous estimate of $640 – 670.  For 09, the outlook isn’t as rosy.  The company expects revenues in the range of $650 – $700 vs the consensus of $759 million.

“We are pleased that we have been able to achieve our net revenue, production output and capacity expansion targets for 2008 despite the challenges within the industry as a result of the global financial crisis,” commented Mr. Xianshou Li, ReneSola’s chief executive officer. “Our ability to reach these milestones during trying times demonstrates our effectiveness in executing against our business plan; shows the market’s increased recognition of our high quality products; and reflects our position as a leading global wafer manufacturer.  We have witnessed significant downward pressure on wafer ASPs and gross margin since late 2008 as industry demand has been negatively impacted by the broader repercussions of the financial crisis and seasonality.”

ReneSola is trading up modestly about 3.5% today.

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