ReneSola Lowers 2016 Revenue Outlook - Quick Facts

(RTTNews) - ReneSola Ltd (SOL) announced, for full year 2016, the company now expects revenue in the range of $900 million to $1.1 billion, compared with previous guidance of $1.0 billion to $1.2 billion. The company said its lower revenue outlook reflects a slowdown in shipments and lower ASP.

For third-quarter 2016, the company expects revenue to be approximately $200 million and gross margin to be around 10%. The outlook reflects the impact from high polysilicon prices combined with declining wafer prices.

Second-quarter net income was $5.5 million, compared to a net loss of $2.3 million, last year. Profit per ADS was $0.05, for the quarter. Revenue was $250.0 million, down 6.8% from prior year.

Xianshou Li, ReneSola's CEO, said, "Although total revenue was below guidance due to recognition timing of the four UK projects sold during the quarter, we believe we should benefit from that revenue as well as the potential sale of another six UK projects in the second half of the year. Our strong project monetization outlook and continued growth in the high margin LED initiative give us confidence in our ability to transition from manufacturing business toward project development and distribution business."