ReneSola Ltd. says it had a better than expected second quarter of 2013 (Q2'13). The company estimates its total solar wafer and module shipments for Q2'13 to be in the range of 760 MW to 770 MW, compared to its previously estimated range of 700 MW to 720 MW. According to the company, this will boost its quarterly revenues to the $365 million to $375 million range, up from a previously estimated $310 million to $330 million.
Estimates of gross margin for Q2'13 were revised upward as well: to 5% to 6%, compared to a prior estimate of 3% to 5%.
In terms of modules alone, ReneSola has revised its estimated shipments for Q2'13 to 450 MW to 460 MW as compared with earlier estimates of 400 MW to 420 MW.
For the year, ReneSola says it now expects to ship 2.8 GW to 3.0 GW of solar wafers and modules as compared to its earlier estimate of 2.7 GW to 2.9 GW.
ReneSola CEO Xianshou Li attributes the brighter shipment and revenue forecasts to company efforts to develop its global brand and effective sales and marketing. He also cited efficient manufacturing processes.
"With the support of our growing downstream businesses, we expect to deliver improved results in the second half of 2013,’ Li says.