ReneSola Provides Third Quarter 2019 Preliminary Results
Oct 15, 2019, 06:39 ET
SHANGHAI, Oct. 15, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today provided preliminary unaudited financial results for the third quarter ended September 30, 2019.
Preliminary Third Quarter 2019 Results
Based on preliminary unaudited results, the Company expects revenue for the third quarter of 2019 to range between $55 million and $60 million, compared to its previous guidance of $15 million to $20 million. Gross margin for the third quarter of 2019 is expected to be in the range of 15% to 17%, compared to the prior guidance of 35% to 40%.
Ms. Shelley Xu, Chief Executive Officer of ReneSola, commented, "Our preliminary revenue range reflects significant revenue contributions from the sale of several solar projects in September 2019. As we discussed earlier in the year, some project sales were delayed into the second half, but with focused team work we were able to close many transactions more quickly than we planned at the start of the third quarter. Sale activity is increasing across many of our geographies, helping to accelerate our business momentum. We are confident in our ability to successfully monetize our robust project pipeline in the coming quarters."
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.
SOURCE ReneSola Ltd.
