ReneSola Reports Preliminary Q3 Revenue Above Its Guidance - Quick Facts

(RTTNews) - ReneSola Ltd (SOL) said, based on preliminary unaudited results, it expects third-quarter revenue in a range of $55 million and $60 million, compared to its previous guidance of $15 million to $20 million. Gross margin is anticipated to be in the range of 15% to 17%, compared to the prior guidance of 35% to 40%.

Shelley Xu, CEO of ReneSola, stated, "Our preliminary revenue range reflects significant revenue contributions from the sale of several solar projects in September 2019. As we discussed earlier in the year, some project sales were delayed into the second half, but with focused team work we were able to close many transactions more quickly than we planned at the start of the third quarter."