ReneSola (SOL) Tops Q2 EPS by 6c; Guides Higher
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ReneSola Ltd. (NYSE: SOL) reports Q2 diluted EPS of $0.38, above the consensus of $0.32. Revenues rose 289% to $173 million, versus the consensus of $141.3 million.
ReneSola sees FY revenues of $640-$670 million, versus prior guidance of $570-$590 million and the consensus of $612 milllion. ReneSola is increasing annual production output and revenue estimates for 2008 and expect output to be in the range of 340 MW to 350 MW from the previously guided 330 MW to 340 MW.
ReneSola maintained wafer production capacity target to be 1 GW by the end of 2009 and 2009 annual production output is expected to be in the range of 650 MW to 750 MW, including output from tolling arrangements in the range of 100 MW to 150 MW.
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