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Last Update: 14-Mar-13 07:46 ET
Renesola shares little changed following beat on revenues and upside guidance
ReneSola (SOL $2.14 +0.00) reported fourth quarter loss of $0.58 per share, $0.18 worse than the Capital IQ two est avg of ($0.40), while revenues rose 63.3% year/year to $306.5 million versus the $255.7 million two est avg. The company issued upside guidance for the first quarter with revenue sof $260-270 million versus the $183.60 million consensus Estimate, with total solar wafer and module shipments to be in the range of 660 MW to 680 MW, with solar module shipments expected to be in the range of 280 MW to 300 MW; and gross margin is expected to be positive. For the full year 2013, the co expects total solar wafer and module shipments to be in the range of 2.7 GW to 2.9 GW (up ~27% YoY at midpoint), with solar module shipments expected to be in the range of 1.4 GW to 1.6 GW. Total solar wafer and module shipments in Q4 2012 were 713.2 megawatts, exceeding Company guidance and representing an increase of 33.9% from 532.8 MW in Q3 2012. "The fast growth of our solar module business, driven by our proprietary Virtus technology, low production costs and global sales teams, contributed to a positive gross margin of 3.3% in the fourth quarter of 2012."
