ReneSola net income triples, lifts revenue outlook
By Steve Gelsi
Last update: 7:37 a.m. EDT May 14, 2008
NEW YORK (MarketWatch) -- ReneSola Ltd. (SOL) on Wednesday said first-quarter net income nearly tripled to $17.7 million, or 28 cents a share, from $6.8 million, or 14 cents a share in the year-ago period. Revenue rose to $123 million from $36 million. The China-based solar panel maker lifted its 2008 revenue outlook to $570 million to $590 million from its earlier view of $530 million to $550 million. ReneSola said the May 12 earthquake that struck China's Sichuan province did not damage its facilities and construction remains on schedule. "ReneSola does not expect the earthquake to have a material effect on its operations in Sichuan province," the company said.
