viewReneSola Ltd. (ADR)

ReneSola ups revenues by 22.9% in Q2 vs Q1


China-based solar wafer manufacturer ReneSola (LON:SOLA, NYSE: SOL) has reported a record-breaking 22.9% quarter-on-quarter revenue growth, up to US$253.9m in the second quarter. The company made a gross profit of US$76.6m with a 30.2% gross profit margin, up substantially from the preceding quarter - when gross profit was US$35.3m and the gross margin was 17.1%.

In Q2, net income also broke a company record, reaching US$36.1m, representing US$0.21 EPS (earnings per share), meanwhile for investors in New York the company achieved earnings per ADR of US$0.42.

"We achieved record results in terms of revenues, net income and shipment volumes in the second quarter of 2010", ReneSola chief executive Mr Xianshou Li said.

"We delivered a strong gross profit margin of over 30% during the quarter as we continued to lead the industry as a cost-competitive solar manufacturer and executed on our OEM module servicing strategy.”

“Strong market demand coupled with our cost-efficient structure should place ReneSola in a position to increase profitability in the coming quarters."

During the period, Renesola made shipments representing 258.3 MegaWatts capacity, up from 242.4 MW in the first quarter and 85.9 MW in the second quarter a year earlier.

Quick facts: ReneSola Ltd. (ADR)

Price: 1.4 USD

Market: NYSE
Market Cap: $67.34 m

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