ReneSola Lifts Q2 Revenues Outlook

(RTTNews) - ReneSola Ltd (SOL) announced updates to its second quarter and full year 2013 outlook.

The company now expects its second-quarter revenues to be in the range of $365 million to $375 million, compared to its previously guided range of $310 million to $330 million. Analysts polled by Thomson Reuters expect the company to report revenues of $316.90 million for the second-quarter. Analysts' estimates typically exclude special items.

For the second-quarter, the company estimates its total solar wafer and module shipments to be in the range of 760 megawatts or "MW" to 770 MW, compared to its previously guided range of 700 MW to 720 MW.

The company estimates its solar module shipments to be in the range of 450 MW to 460 MW, compared to its previously guided range of 400 MW to 420 MW. The company estimates its gross margin to be in the range of 5% to 6%, compared to its previously guided range of 3% to 5%.

Looking ahead for full year 2013, the company estimates its total solar wafer and module shipments to be in the range of 2.8 gigawatts or "GW" to 3.0 GW, compared to its previously guided range of 2.7 GW to 2.9 GW. The Company estimates its solar module shipments to be in the range of 1.6 GW to 1.8 GW, compared to its previously guided range of 1.4 GW to 1.6 GW.