ReneSola Issues Strong Preliminary Results, Raises Guidance

| About: ReneSola Ltd. (SOL)
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Renesola (NYSE:SOL) provided preliminary Q2 guidance Thursday morning, beating previous estimates while raising guidance for the 2nd half. The company reports official results on August 9th. Here are highlights:

* They expect total shipments for Q2 to be in the range of 250 – 260MW, exceeding previous guidance of 230 – 250MW

* Net revenues are expected to be in the range of $245 – $255 million, exceeding previous guidance of $230 – 250 million.

* Assuming those revenue numbers hold, that would represent a more than 20% increase over last quarter and represent the 4th straight quarter of sequential revenue growth.

* Gross profit margin is expected to be in the range of 28 – 30%, ahead of previous estimates of 21 – 23%. That would be a significant jump over the 17% produced last quarter.

* They are raising guidance for the 2nd half and expect solar product shipments between 600 – 650MW, net revenues between $550 – 570 million and gross margins between 28 – 30%.

Said CEO Li Xianshou, “We expect to see stable pricing in the coming months as demand has remained strong and is expected to continue in the second half of 2010.”

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