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ReneSola Updates Second Quarter And Full Year 2013 Outlook

Stocks in this article: SOL

JIASHAN, China, July 16, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, announced updates to its second quarter and full year 2013 outlook.

(Logo: http://photos.prnewswire.com/prnh/20080506/CNTU030 )

Based on preliminary data, ReneSola provides the following updates to its second quarter 2013 outlook:

  • The Company estimates its total solar wafer and module shipments to be in the range of 760 megawatts ("MW") to 770 MW, compared to its previously guided range of 700 MW to 720 MW.
  • The Company estimates its solar module shipments to be in the range of 450 MW to 460 MW, compared to its previously guided range of 400 MW to 420 MW.
  • The Company estimates its revenues to be in the range of $365 million to $375 million, compared to its previously guided range of $310 million to $330 million.
  • The Company estimates its gross margin to be in the range of 5% to 6%, compared to its previously guided range of 3% to 5%.

Based on preliminary data, ReneSola provides the following updates to its full year 2013 outlook:

  • The Company estimates its total solar wafer and module shipments to be in the range of 2.8 gigawatts ("GW") to 3.0 GW, compared to its previously guided range of 2.7 GW to 2.9 GW.
  • The Company estimates its solar module shipments to be in the range of 1.6 GW to 1.8 GW, compared to its previously guided range of 1.4 GW to 1.6 GW.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "Amid a challenging macro environment, we have transformed our company into a global solar brand and technology leader. Furthermore, we have substantially expanded our solar module business in several key international markets through effective sales and marketing of our leading-edge, proprietary technology while leveraging our efficient manufacturing processes. With the support of our growing downstream businesses, we expect to deliver improved results in the second half of 2013."

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