JIASHAN, China, Nov. 21, 2012 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today announced that it will report its unaudited financial results for the third quarter ended September 30, 2012 before the U.S. markets open on Friday, November 30, 2012.
Based on preliminary data, the Company provides the following updates to its outlook:
- For the third quarter of 2012, the Company estimates its total solar wafer and module shipments to be in its previously guided range of 510 MW to 530 MW, solar module shipments to be slightly below its previously guided range of 150 MW to 170 MW and revenues to be in its previously guided range of US$200 million to US$220 million.
- For the full year of 2012, the Company estimates its total solar wafer and module shipments to be close to 2.2 GW, compared to the Company's previously guided range of 2.2 GW to 2.4 GW. The Company expects its solar module shipments to increase in the fourth quarter of 2012.
- The Company expects its gross profit margin for the third quarter of 2012 to be in the range of negative 17.5% to negative 18.5% after an inventory write-down of approximately US$31.6 million to reflect current selling prices.
"Although the challenging market conditions have affected our third quarter results, we have successfully transformed into a large-scale solar module supplier over the past year," said Mr. Xianshou Li, ReneSola's chief executive officer. "Our module business has performed well in Europe and Australia, while at the same time capitalized on emerging opportunities in the United States and China. In the fourth quarter, we expect to increase our module shipments significantly and are confident our gross margin will turn positive as we executive on our strategy to become a leading module supplier."