Against a backdrop of many peers reporting lower fourth quarter shipments when compared to the previous quarter, ReneSola held its ground, exceeding shipment guidance for solar wafers and modules. The company reported 2011 revenue higher than guided at US$985.3 million but 18.3% below 2010 net revenue of US$1,205.6 million. Total solar wafer and module shipments in 2011 reached a record 1,294.8 MW, exceeding prior guidance and an increase of 9.5% from 1,182.8 MW for the full year 2010. However, management guided a significant increase in solar wafer and module shipments in 2012 to be in the range of 1.8GW to 2.0GW. Emphasis was placed on module shipments increasing as well as doubling capacity to 1GW.