Renesola misses revenues guidance, cuts back on full-year expectations

ReneSola reported a net income for the three month period of $5.5 million, compared to a net loss of $2.3 million in the second quarter of last year.

Revenues, however, slipped by 6.8% year-on-year to $250 million, which was below the guidance range of $280-$290 million.

The decline was due to lower wafer ASP and reduced module shipments to external customers, Renesola says, adding that it continues to scale back its OEM business in order to shift toward downstream project development.

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