ReneSola Rises After Solar Shipments Exceed Forecast
ReneSola Ltd. (SOL), the third-largest maker of solar wafers, rose the most in almost five months after third-quarter shipments exceeded its forecast.
ReneSola’s American depositary receipts gained 10 percent to $1.30 at the close in New York, the most since July 3. The Jiashan, China-based company’s ADRs, each worth two ordinary shares, have fallen 15 percent this year.
The company shipped 533 megawatts of solar wafers and panels in the quarter, according to a statement today, compared with its August forecast of 510 megawatts to 530 megawatts. It expects to deliver as much as 675 megawatts in the current quarter. ReneSola said 2012 shipments will be about 2.2 gigawatts, the low end of a previous range of 2.2 gigawatts to 2.4 gigawatts.
ReneSola’s loss was $78.6 million, or 91 cents an American depositary receipt, compared with a loss of $8.2 million, or 9 cents, a year earlier, according to the statement. The loss exceeded by 56 cents the average of two analysts’ estimates compiled by Bloomberg. Sales rose 15 percent to $218.2 million.
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