Despite raising second quarter 2013 shipment guidance significantly, ReneSola exceeded the figure and reported record shipment volume of wafers and modules totalling 849.3MW.
The company previously expected total solar wafer and module shipments to be in the range of 760MW to 770MW, compared to its previously guided range of between 700MW to 720MW.
“We made substantial progress in the second quarter of 2013, and we are very pleased to deliver Q2 results that exceeded our guidance with record shipment volume and a much improved gross margin,” said Xianshou Li, ReneSola's chief executive officer. “Our focus on improving our selling prices and enhancing the market profile of our products led to increased shipments and a positive gross margin of over seven percent. In the second quarter, we continued to focus on sales and marketing to build our brand image and introduced our proprietary technology to customers across multiple international markets.
However, ReneSola guided third quarter solar wafer and module shipments to be in the same range as originally expected for the second quarter of 730MW to 750MW.
The company reported net revenues in the second quarter of US$377.4 million, an increase of 32.8% from US$284.2 million in the prior quarter.
However, ReneSola guided revenue for the third quarter of 2013 to be in the range of US$360 million to US$380 million with a gross margin in the range of 7% to 9%, slightly higher than the 7.3% gross margin reported for the second quarter of 2013.
The company reported an operating loss of US$16.6 million with a negative operating margin of 4.4%, compared to an operating loss of US$33.4 million with an operating margin of negative 11.8% in the previous quarter. The net loss for the quarter was US$21.1 million.
As a result of the increased sales and shipments in the second quarter, the company reiterated its recently revised shipment forecast to be between 2.8GW to 3.0GW, compared to its previously guided range of 2.7GW to 2.9GW.