ReneSola Q3 Loss Narrows - Quick Facts

(RTTNews) - China-based solar photovoltaic products maker ReneSola Ltd. (SOL) Wednesday reported a reduction in loss for the third quarter. The year-ago quarter results were affected by impairment charges of $202.75 million, which was absent this year. Also, the firm incurred lesser operating expenses this quarter, compared with last year.

Net loss narrowed to $11.7 million or $0.06 per share from $200.3 million or $1.12 per share a year ago. Analysts polled by Thomson Reuters expected the company to report a profit of $0.05 per share. Analysts' estimates typically exclude special items.

Quarterly revenues declined to $372.5 million from $419.3 million last year. Analysts had a consensus revenue estimate of $418.06 million.

Operating expenses reduced to $48.6 million from $216.9 million a year ago. Total solar module shipments reached 462.2 megawatts, compared with 462.9 MW in the prior-year quarter.

Looking ahead, for the fourth quarter, the company expects its total solar module shipments to be in the range of 460 MW - 480 MW, and its gross margin to be about 13 percent.