ReneSola soars on upbeat view

Chinese PV manufacturer ReneSola has raised its shipment guidance after seeing module sales expansion in “several key international markets”.

The update sent New York-listed ReneSola's shares soaring 17% in early trading today.

Renesola has nudged up its 2013 wafer and module shipment guidance by 100MW to between 2.8GW and 3GW. 

It added 200MW to full-year module expectations, which now stand at 1.6GW–1.8GW.

For the current second quarter, ReneSola now expects total wafer and module shipments in the range of 760MW–770MW, against a previous upper level of 720MW.

Modules are expected to account for 450MW–460MW. As recently as May ReneSola was guiding 400MW–420MW.

Quarterly revenues are seen as high as $375m, against a previous upper forecast of $330m, and gross margin will be between 5% and 6%, up from 3%-5%.

ReneSola, one of the world’s biggest suppliers of PV wafers, has aggressively expanded into modules and found success in developing PV hotspots such as South Africa and Japan.

Xianshou Li, ReneSola CEO, said: "We have substantially expanded our solar module business in several key international markets through effective sales and marketing of our leading-edge, proprietary technology while leveraging our efficient manufacturing processes.

“With the support of our growing downstream businesses, we expect to deliver improved results in the second half of 2013."