Monday, November 16, 2009
ReneSola Ltd. Swings To a Loss
By Steve Gelsi
MarketWatch Pulse
NEW YORK -- Chinese solar panel maker ReneSola Ltd. on Monday said it swung to a third-quarter loss of $10.2 million, or 7 cents a share, from profit of $32.4 million, or 23 cents a share in the year-ago period. Revenue dropped to $141 million from $216 million. Wall Street analysts expected a loss of 8 cents a share and revenue of $135.5 million, according to a survey by FactSet Research. "We witnessed a strong rebound in customer demand for our quality products in the third quarter of 2009 and reached a corporate landmark as ReneSola achieved the highest quarterly shipments of solar products in its history," the company said. ReneSola said it expects to return to a profit in the first quarter of 2010.
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