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 … Read the rest
Yesterday, Renesola (SOL) got a bit of a pop higher on news it has signed letters of intent for 505MW in government solar contracts. The first is a potential deal with the Yancheng city government for a 500MW on grid solar project consisting of mainly ground mounted systems and 10MW of rooftop installations to be built over the course of six years. The second deal is a 5MW rooftop solar project with the Panzhihua … Read the rest
Renesola (SOL) has announced that the first trial run has been completed at its shiny new plant in China’s Sichuan province. This is the first phase of a two phase, 3000 MT annualized capacity plant which uses the Siemens process and a closed loop to produce the polysilicon. Phase 2 is expected to reach mechanical completion in September.
“The launch of our in-house polysilicon manufacturing facility represents another exciting strategic milestone for ReneSola,” commented … Read the rest
Along with its earnings announcement this morning, ReneSola (SOL) also announced the acquisition of JC Solar for RMB 118 million. JC Solar is an established solar cell and module manufacturer with about 300 employees and annual cell production capacity of 25MW and annual module production capacity of 50MW. It posted an unaudited net profit of RMB 69 million last year. The move is a first step towards downstream integration for ReneSola and gets the company … Read the rest
ReneSola (SOL) missed on both EPS and revenue consensus estimates and the stock is taking a bit of a hit as a result, off about 8% and testing the 50 day moving average. The company reported an earnings per ADS of .04/share, just below estimates of .06 while revenues came in shy of expectations at $107 million vs estimates of $113 million. As we saw with Suntech, the company is doing a good job of … Read the rest
ReneSola (SOL) has received approval to begin a 5MW building integrated PV (BIPV) rooftop project in China’s Zhejiang province which will provide solar energy across five government buildings across 80K square meters. It should be noted that the project is subject to final approval by the Chinese Ministries Finance & Housing and Urban-Rural Development, although that shouldn’t be a problem given China’s ambitious solar plans. The project will be financed with a government subsidy program … Read the rest
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 … Read the rest
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 … Read the rest
Are the tides turning for the solar industry? After months of doom and gloom forecasts, downgrades and price target cuts some upgrades and positive notes are beginning to slowly trickle in from analysts. Ah oh, time to sell!
Barron’s reported today that Merrill Lynch came out with a report today saying that improving second derivative trends suggest the industry is headed for a cyclical bottom. They went on to say that while demand won’t recover … Read the rest
According to StreetInsider.com, Citi is out maintaining it’s HOLD rating on Evergreen Solar (ESLR) but cut the price target from $6 to $3.
Says Citi:
“We applaud ESLR’s new strategy to focus on its competitive advantage making wafers that use less silicon. But even with much lower capital intensity, it still faces a tradeoff between slowing capacity expansion to preserve cash or gunning it, hoping to raise money. While this move makes this stock … Read the rest