ReneSola Reports Profit In Q2, Tops Estimates - Quick Facts

(RTTNews) - ReneSola Ltd. (SOL) Tuesday posted second-quarter profit of $0.8 million compared with a loss of $21.1 million last year. The company reported break even per share for the quarter versus loss per share of $0.12 last year.

Earnings per ADS was $0.01 versus loss per ADS of $0.24 last year. Analysts polled by Thomson Reuters expected the company to report loss per share of $0.10 for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenues rose to $387.1 million from $377.4 last year. Analysts expected revenue of $401.43 million. Total solar module shipments were 498.7 megawatts compared with 434.1 MW in the year-ago quarter.

Looking ahead, for the third quarter, the group expects its total solar module shipments to be in the range of 530 MW - 550 MW, and its gross margin to be in the range of 15 percent-17 percent.