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ReneSola Q1 Revenue Up 242% YoY, Increases Outlook
Clean Tech, ReneSola, SOL, Solar
Posted by: Megan Ko on May 14, 2008 | 19:05
Editorial Summary
Solar wafer manufacturer ReneSola Ltd (NYSE: SOL) reported first quarter revenue of $123 million, up 242.4 percent year-on-year and 28 percent quarter-on-quarter, before market open on Wednesday. Net income was $17.7 million, up 160.6 percent year-on-year and 1.2 percent sequentially. In the three month period, ReneSola's production output increased to 66.5 MW.
For the second quarter, the company expects production output to come in between 75 MW and 80 MW. ReneSola has increased its full year 2008 outlook to revenue of between $570 million and $590 million on production output of 330-340 MW. The company expects to increase wafer production capacity to 1,000 MW by the end of 2009.
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