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ReneSola Updates Estimated Third Quarter and Full Year 2009 Results

2009-09-23 21:18 835

JIASHAN, China, Sept. 23 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) (AIM: SOLA), a vertically integrated Chinese manufacturer of solar products, today revised its 2009 revenue guidance, which was originally provided in the Company's second quarter 2009 earnings release on August 12, 2009.

(Logo: http://www.prnasia.com/sa/200806261902.jpg )

"Compared to our expectation in August, we are seeing an improvement in our operating performance, which reflects a steady rebound in the global solar marketplace," said Xianshou Li, Chief Executive Officer of ReneSola. "However, the improvement in the price of solar products may take longer than anticipated. To be prudent, we are revising our revenue guidance for the full year 2009."

The Company expects its third quarter 2009 revenue outlook to be in the range of US$130 million to US$140 million and expects its gross margin to be similar to that of its second quarter 2009.

The Company expects its full year revenue outlook for 2009 to be in the range of US$470 million to US$500 million and maintains its prior product shipment outlook for 2009 of 450 MW to 500 MW.

The above guidance is based on the Company's current views with respect to operating and market conditions, which are subject to change. The Company's actual results may differ from the guidance.

About ReneSola

ReneSola Ltd ("ReneSola") is a leading manufacturer of solar products based in China. Capitalizing on proprietary technologies and technical know-how, ReneSola's vertically integrated manufacturing capabilities include virgin polysilicon, monocrystalline and multicrystalline solar wafers, solar cells and solar modules. ReneSola possesses a global network of suppliers and customers that include some of the leading global manufacturers of solar cells and modules. ReneSola's shares are currently traded on the New York Stock Exchange (NYSE: SOL) and the AIM of the London Stock Exchange (AIM: SOLA). For more information about ReneSola, please visit http://www.renesola.com .

Safe Harbor Statement

This press release contains statements that constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when we describe what we "believe," "expect" or "anticipate" will occur, what "will" or "could" happen, and other similar statements), you must remember that our expectations may not be correct, even though we believe that they are reasonable. We do not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in our filings with the U.S. Securities and Exchange Commission, including our annual report on Form 20-F. We undertake no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though our situation may change in the future.

This release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.

For investor and media inquiries, please contact:

In China:

Ms. Julia Xu

ReneSola Ltd

Tel: +86-573-8477-3372

Email: julia.xu@renesola.com

Mr. Derek Mitchell

Ogilvy Financial, Beijing

Tel: +86-10-8520-6284

Email: derek.mitchell@ogilvy.com

In the United States:

Ms. Jessica Barist Cohen

Ogilvy Financial, New York

Tel: +1-646-460-9989

Email: jessica.cohen@ogilvypr.com

In the United Kingdom:

Mr. Tim Feather / Mr. Richard Baty

Hanson Westhouse Limited, London

Tel: +44-20-7601-6100

Email: tim.feather@hansonwesthouse.com

richard.baty@hansonwesthouse.com

Source: ReneSola Ltd
Related Stocks:
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