ReneSola reported a loss of 18 cents a share for the first quarter, below analysts' estimates of a loss of 4 cents a share for the quarter. Revenue fell 15.9% year over year to $349 million for the quarter, below analysts' estimates of $368.18 million.
"Amidst a first quarter backdrop with a number of macroeconomic challenges and lingering foreign exchange volatility, we continued with our strategy to transition our business into the downstream project and services segment of the market," CEO Xianshou Li said in a statement.
About 1.7 million shares of ReneSola were traded by 12:12 p.m. Tuesday, above the company's average trading volume of about 1 million shares a day.
TheStreet Ratings team rates RENESOLA LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate RENESOLA LTD (SOL) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, generally high debt management risk, poor profit margins and generally disappointing historical performance in the stock itself."