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Last Update: 07-Nov-11 09:50 ET
ReneSola Lowers Third Quarter Shipments, Gross Margins and Revenue Guidance
Renesola (SOL $2.22 -0.15) announced that it expects to see third quarter revenue be in the range of $185 million to $195 million versus $228.64 million Capital IQ Consensus Estimate and lower than previous guidance of $220 million to $240 million.
The company states solar wafer and module shipments to be in the range of 320-330 MW, compared to the previous guidance of 330-350 MW. Gross profit margin to be in the range of 5.5-6.5% before an inventory write-down of ~$19.4 mln, compared to the co's previous guidance of 6-8%. After the write-down, the co expects gross profit margin to be in the range of negative 3% to negative 5%. Net income is expected to be in the range of negative $7.5 mln to negative $8.5 million after taking into account the company's convertible bond repurchases.
The company states solar wafer and module shipments to be in the range of 320-330 MW, compared to the previous guidance of 330-350 MW. Gross profit margin to be in the range of 5.5-6.5% before an inventory write-down of ~$19.4 mln, compared to the co's previous guidance of 6-8%. After the write-down, the co expects gross profit margin to be in the range of negative 3% to negative 5%. Net income is expected to be in the range of negative $7.5 mln to negative $8.5 million after taking into account the company's convertible bond repurchases.
