2Q Earnings Reports Continue: ReneSola
Aug 19, 2008 – Jiashan, China – ReneSola Ltd. [SOL], a leading manufacturer of solar wafers announced that its net revenues were $173 million, an increase of 289% from $44.5 million in 2Q 2007 & up 40.5 from $123 million in 1Q 2008. 2Q 2008 net income was $23.3 million, an increase of 294.5% from $5.9 million in 2Q 2007 & up 31.9% from $17.7 million in 1Q 2008. EPS $0.20 [$0.40 per ADS as each ADS represents 2 shares].
ReneSola completed an equity offering in June 2008, generating about $185.2 million, which they claim is sufficient to fund their 2009 expansion plan.
ReneSola has recently signed several long term sales contracts: to supply silicon wafers to Suntech Power, Jetion Holdings, CSG PV Tech Co., Ltd., ShanShan Ulica Science & Technology, and a cell manufacturer in northern China.
All figures are unaudited and as reported by ReneSola in their press release.
