logo
  Join        Login             Stock Quote

Renesola (SOL) 3Q Loss Widens, Margins Negative

 November 30, 2012 06:55 AM
 


(By Balachander) ReneSola Ltd. (NYSE: SOL) posted a wider quarterly loss as margins were hit due to fall in selling prices and substantial supply-demand imbalance. Cost of revenue jumped 31 percent. Total operating expenses also surged 62 percent.

For the third quarter, net loss was $78.6 million or $0.91 per ADS, compared with a loss of $8.2 million or $0.09 per ADS in the year-ago quarter. Wall Street analysts, on average, expected the company to lose $0.31 a share. In the previous quarter, ReneSola posted a loss of $0.40 per ADS.

Net revenue rose 15.4 percent to $218.2 million, versus consensus estimate of a increase of 14 percent. Sequentially, revenue declined 6.4 percent.

[Related -Stocks End Lower On Mixed Data; Cisco (CSCO) Surges]

Gross margin was a negative 18.0 percent versus a negative 4.0 percent in the comparable quarter of last year. In the previous quarter, gross margin was a positive 0.6 percent.

Total solar wafer and module shipments were 532.8 megawatts (MW), up 62.2 percent year over year and 6 percent sequentially.

Looking ahead for the fourth quarter, the Chinese company expects revenue in the range of $240 million to $260 million versus consensus estimate of $288.6 million. Total solar wafer and module shipments is forecast between 635 MW and 675 MW, with module shipments of 250 MW to 270 MW.

For the whole of 2012, ReneSola now sees total solar wafer and module shipments to be close to 2.2 gigawatts (GW) versus between 2.2 GW and 2.4 GW projected earlier.

[Related -Futures Mixed Amid Data, Earnings; Tesla (TSLA) Surges]

American Depositary Receipts (ADRs) of SOL ended Thursday's regular trading session at $1.18. The stock has been trading in the 52-week range between $1.08 and $3.38.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageThe Coca-Cola Company (KO) Q1 Earnings Preview: Guidance About to Fizzle?

The Coca-Cola Company (NYSE:KO) plans to release its first quarter earnings results before the market opens read on...

article imageIntel Corporation (INTC) Q1 Earnings Preview: A Business in Transition

Intel Corporation (NASDAQ:INTC) plans to post its first quarter earnings results promptly after the market read on...

article imageFord Motor Company (F): A long Road to Deutsche Bank’s $19 Target

Ford Motor Company (NYSE:F) is going the right way on a one way street where most everybody else is driving read on...

article imageCitigroup Inc (C) Q1 Earnings Preview: Too Many Parts Heading South

Citigroup Inc (NYSE:C) will issue its first quarter results via press release at approximately 8 a.m. (ET) read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.