ReneSola (SOL) shares are trading higher this morning after the solar wafer company said Q2 results topped previous expectations.
For the quarter, the company now sees shipments of 250-260 MW, ahead of its previous guidance of 230-250 MW. Revenue is now expected to be $245 million to $255 million, ahead of guidance of $230 million to $250 million. Gross margin is now expected to be 28%-30%, above the previous forecast of 21%-23%.
CEO Li Xianshou said in a statement that “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.”
For the second half, the company expects total solar product shipments of 600-650 MW, with revenues of $550 million to $570 million and gross margin of 28%-30%.
SOL today is up 18 cents, or 3%, to $6.15.
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