ReneSola Posts Q3 Results, Increases Full-year Projections $SOL

renesola logo ReneSola Posts Q3 Results, Increases Full year Projections $SOL

ReneSola Ltd. today announced its third quarter financial results 2010, with netrevenues at record $358.7 million, an increase of 41.3% from $253.9million in previous quarter. The revenues were driven by a combinationof higher average selling prices and strong growth in its modulebusiness. The net income was record $60.1 million, representing basicand diluted earnings per share of $0.35 and basic and diluted earningsper American depositary share (“ADS”) of $0.70.

The total solar wafer and module shipments were a record 324.9megawatts, an increase of 25.8 % from 258.3 MW in previous quarter. Thecompany produced approximately 269 metric tonnes of polysilicon in third quarter 2010, an increase of 66.0% from approximately 162 MT in theprevious quarter. This quarter company also delivered record moduleshipments of 98.3 MW with an ASP of US$1.85/W.

ReneSola’s third-quarter results demonstrated continuous cost reduction effortscoupled with robust market demand helped to deliver another quarter ofimpressive financial and operating results. The company aims on theproduction of high-quality wafers supported by module services. Also its growing in-house polysilicon production capacity will allow moreeffectively hedging its upstream risk and seizing opportunities.

The company expects total solar wafer and module shipments to be inthe range of 310 MW to 330 MW, revenues to be in the range of $340million to $360 million and gross profit margin to be between 30% and32% in fourth quarter of 2010.

The full year 2010 solar wafer and module shipments are expected tobe in the range of 1.13 GW to 1.15 GW. The company expects solar waferand module shipments to be in the range of 1.6 GW to 1.7 GW,representing an increase of 42% to 48% year-over-year.

ReneSola is a manufacturer of solar wafers and producer of solar power products based in China.