ReneSola (SOL) reported a narrower than expected Q2 loss of $0.03, beating estimates by .03/share but came up short on the revenue side, posting $82.6 million vs. the consensus of $90.23 million (and more than a 50% plunge over the year ago quarter).  On the bright side, it appears the company is doing a good job of cutting costs and increasing efficiencies.

“The second quarter of 2009 marked an historic quarter in ReneSola’s evolution as a solar company,” commented Mr. Xianshou Li, ReneSola’s chief executive officer. “During the quarter, we completed our transformation from one of the world’s largest manufacturers of solar wafers into a low-cost, fully integrated producer of solar products following the commencement of production at our 3,000 MT Sichuan polysilicon manufacturing facility and the successful acquisition of JC Solar. We have demonstrated our resilience and ability to achieve strategic and operational milestones despite the continuing difficult operating environment. We expect that as industry fundamentals continue to improve, the benefits brought forward by our fully integrated operations will further enhance our competitive position in the global solar industry.”

Looking ahead to next quarter, the company expects revenues to increase 60 -70% over this quarter, which would get them back to where they were in Q4 08.  They are maintaining their full year product shipment outlook of 450 MW to 500 MW and the full year revenue outlook of $500 – $550 million.

Shares of SOL are currently  trading down about 3%.