SOLA Renesola

 
TIDMSOLA 
 
ReneSola Announces Preliminary Second Quarter 2010 Results and Provides Second 
Half 2010 Guidance 
 
=- Exceeds high end of Q2 2010 guidance for total solar product shipments, net 
revenues and gross profit margin 
 
=- Provides 2H 2010 guidance for total solar product shipments, net revenues 
and gross profit margin 
 
    JIASHAN, China, July 1 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd 
("ReneSola" or the "Company") (NYSE: SOL) (AIM: SOLA), a leading global 
manufacturer of solar wafers and producer of solar power products based in 
China, today announced its selected preliminary unaudited results for the 
second quarter of 2010 and provided its guidance for the second half of 2010. 
    (Logo: http://photos.prnewswire.com/prnh/20080506/CNTU030 ) 
    (Logo: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 ) 
 
    Q2 2010 Preliminary Results 
    -- Total solar product shipments for Q2 2010 are expected to be in the 
       range of 250 megawatts ("MW") to 260 MW, exceeding the Company's 
       previous guidance range of 230 MW to 250 MW and representing an 
       increase of 3.1% to 7.3% from 242.4 MW in Q1 2010. 
    -- Net revenues for Q2 2010 are expected to be in the range of US$245 
       million to US$255 million, exceeding the Company's previous guidance 
       range of US$230 million to US$250 million and representing an increase 
       of approximately 21.0% to 25.8% from US$206.6 million in Q1 2010. 
    -- Gross profit margin is expected to be in the range of 28% to 30%, 
       exceeding the Company's previous guidance range of 21% to 23% and 
       compared to 17.1% in Q1 2010. 
 
    "The strong demand for high-quality wafer products witnessed during the 
first quarter of 2010 continued through the second quarter as a result of 
ongoing tightness in the wafer supply chain," said Li Xianshou, ReneSola's 
chief executive officer. "Execution of our cost reduction strategies and the 
efforts we have made to develop and position our business have allowed us to 
capitalize on improved demand trends while becoming a leading low-cost solar 
product provider. By leveraging our leading wafer manufacturing platform and 
complementary OEM module production services and capitalizing on our strong 
customer relationships, we have benefited from a cost-competitive strategy to 
deliver record product shipments and increased profitability. We expect to see 
stable pricing in the coming months as demand has remained strong and is 
expected to continue in the second half of 2010." 
 
    2H 2010 Outlook 
    For the second half of 2010, the Company expects total solar product 
shipments to be in the range of 600 MW to 650 MW. Net revenues are expected to 
be in the range of US$550 million to US$570 million and gross profit margin is 
expected to be between 28% and 30%. 
    ReneSola will report its unaudited financial results for the second 
quarter ended June 30, 2010 before the U.S. markets open at 8 am U.S. Eastern 
Time on Monday, August 9, 2010. Dial-in details for the conference call will 
be distributed in a separate announcement and posted on the Investor Relations 
section of ReneSola's website prior to the call. 
    The estimates provided in this press release are preliminary and may be 
adjusted as part of the Company's customary closing procedures for the second 
quarter of 2010. All estimates are 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 its guidance. 
 
    About ReneSola 
    ReneSola is a leading global manufacturer of solar wafers and producer of 
solar power products based in China. Capitalizing on proprietary technologies, 
economies of scale, low-cost production capabilities and technological 
innovations and know-how, ReneSola leverages its in-house virgin polysilicon 
and solar cell and module production capabilities to provide its customers 
with high-quality, cost-competitive solar wafer products and OEM services. The 
Company possesses a global network of suppliers and customers that includes 
some of the leading global manufacturers of solar cells and modules. 
ReneSola's shares are traded on the New York Stock Exchange (NYSE: SOL) and 
the AIM of the London Stock Exchange (AIM: SOLA). 
 
    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 the Company describes what it "believes," "expects" or 
"anticipates" will occur, what "will" or "could" happen, and other similar 
statements), you must remember that the Company's expectations may not be 
correct, even though it believes that they are reasonable. The Company does 
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 the Company's filings with 
the U.S. Securities and Exchange Commission, including the Company's annual 
report on Form 20-F. The Company undertakes 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 the 
Company's situation may change in the future. 
 
    For investor and media inquiries, please contact: 
 
    In China: 
 
     Ms. Feng Qi 
     ReneSola Ltd 
     Phone: +86-573-8477-3903 
     Email: feng.qi@renesola.com 
 
     Mr. Derek Mitchell 
     Ogilvy Financial, Beijing 
     Phone: +86-10-8520-6284 
     Email: derek.mitchell@ogilvy.com 
 
    In the United States: 
 
     Ms. Jessica Barist Cohen 
     Ogilvy Financial, New York 
     Phone: +1-646-460-9989 
     Email: jessica.cohen@ogilvypr.com 
 
    In the United Kingdom: 
 
     Mr. Tim Feather / Mr. Richard Baty 
     Westhouse Securities Limited, London 
     Phone: +44-20-7601-6100 
     Email: tim.feather@westhousesecurities.com 
            richard.baty@westhousesecurities.com 
 
SOURCE  ReneSola Ltd 
 
 
 
END 
 

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