ReneSola 2Q loss narrows on higher selling prices
ReneSola 2Q loss narrows on higher selling prices of solar wafers and modules
NEW YORK (AP) -- Chinese solar panel maker ReneSola's second-quarter loss narrowed, benefiting from higher selling prices of solar wafers and modules.
Its stock surged in morning trading on Friday.
For the period ended June 30, the company lost $21.1 million, or 24 cents per American depositary share. That compares with a loss of $34.8 million, or 40 cents per ADS, a year ago.
Revenue soared 62 percent to $377.4 million from $233 million.
Shares of ReneSola added 49 cents, or 11.1 percent, to $4.89 in morning trading.
The average selling prices of solar wafers rose to 23 cents per watt from 22 cents per watt, while module selling prices climbed to 63 cents per watt from 61 cents per watt.
Total solar wafer and module shipments jumped 71 percent to 849.3 megawatts.
ReneSola Ltd. anticipates third-quarter revenue of $360 million to $380 million.
