ReneSola (SOL) posted a record quarter and beat analyst estimates in the process, posting a Q2 EPS of $0.42, 2 cents better than the analyst estimate of $0.40. Revenue for the quarter was 253.9 million, vs the estimate of $246.17 million. That’s a tripling of revenue over the year ago quarter, so mighty impressive results.
CEO Xianshou Li commented:
“We achieved record results in terms of revenues, net income and shipment volumes in the second quarter of 2010. We delivered a strong gross profit margin of over 30% during the quarter as we continued to lead the industry as a cost-competitive solar manufacturer and executed on our OEM module servicing strategy. Strong market demand coupled with our cost-efficient structure should place ReneSola in a position to increase profitability in the coming quarters.”
Looking ahead, the company expects to top the $1 billion mark in revenues this year (range of $1 – $1.05 billion). For next quarter it expects shipments to be in the range of 280 – 310MW and revenues in the range of $300 – $320 million. Both revenue numbers are ahead of the consensus estimates of $990/273 million.
Shares of SOL aren’t moving off the strong report, but have already jumped about 35% in July and are in need of a rest.
For the full year 2010, the Company expects revenues to be in the range of US$1.0 billion to US$1.05 billion and gross profit margin to be in the range of 25% to 27%, while maintaining second half gross profit margin in the range of 28% to 30%.
For Q3 2010, the Company expects total solar product shipments to be in the range of 280 MW to 310 MW and revenues to be in the range of US$300 million to US$320 million.