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ReneSola Falls as Loss Exceeds Estimates, Sales Drop 6.5%

Aug. 24 (Bloomberg) -- ReneSola Ltd., the third-largest maker of solar wafers, fell the most in more than a year after its second-quarter loss exceeded analysts’ estimates.

ReneSola’s American depositary receipts declined 16 percent to $1.51 at the close in New York, the most since Aug. 8, 2011. The Jiashan, China-based company has lost 55 percent of its market value in the past year.

ReneSola’s loss was $34.8 million, or 40 cents an ADR, compared with a profit of $1.8 million, or 2 cents, a year earlier, according to a statement today. Sales dropped 6.5 percent to $233 million. The loss exceeded by 8 cents an ADR the average of four analysts’ estimates compiled by Bloomberg. Each ADR is worth two ordinary shares.

The company reiterated its 2012 shipment forecast of 2.2 gigawatts to 2.4 gigawatts of solar wafers and panels. China’s GCL-Poly Energy Holdings Ltd. and LDK Solar Co. are the largest makers of polysilicon wafers used in solar cells, according to data compiled by Bloomberg.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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