- ReneSola (SOL -5.2%) sinks after reporting a wider than expected Q3 loss and below consensus revenues while also guiding Q4 revenues below expectations.
- SOL says Q3 results missed expectations as weak demand led to reduced shipments and significant pricing pressure; gross margin of 10.1% was in-line with guidance but well below 16.5% in Q2 2016 and 16.1% in the year-ago quarter.
- The company now sees Q4 revenues of $220M-$240M vs. $246M consensus from limited coverage, with gross margin in the high-single digits, reflecting reduced shipments due to weak domestic demand, high polysilicon prices and declining wafer prices.