North Coast Solar Stocks

September 23, 2009

ReneSola Updates Estimated Third Quarter and Full Year 2009 Results

Filed under: SOL — Tags: , , , — Jason @ 6:31 am

Wednesday September 23, 2009, 6:31 am EDT

JIASHAN, China, Sept. 23 /PRNewswire-Asia-FirstCall/ — ReneSola Ltd (“ReneSola” or the “Company”) (SOL), a vertically integrated Chinese manufacturer of solar products, today revised its 2009 revenue guidance, which was originally provided in the Company’s second quarter 2009 earnings release on August 12, 2009.

“Compared to our expectation in August, we are seeing an improvement in our operating performance, which reflects a steady rebound in the global solar marketplace,” said Xianshou Li, Chief Executive Officer of ReneSola. “However, the improvement in the price of solar products may take longer than anticipated. To be prudent, we are revising our revenue guidance for the full year 2009.”

The Company expects its third quarter 2009 revenue outlook to be in the range of US$130 million to US$140 million and expects its gross margin to be similar to that of its second quarter 2009.

The Company expects its full year revenue outlook for 2009 to be in the range of US$470 million to US$500 million and maintains its prior product shipment outlook for 2009 of 450 MW to 500 MW.

The above guidance is based on the Company’s current views with respect to operating and market conditions, which are subject to change. The Company’s actual results may differ from the guidance.

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