ReneSola Swings To Profit In Q3

(RTTNews) - Solar technology products developer ReneSola Ltd. (SOL) Tuesday announced a profit for the third quarter compared to a loss last year. Revenues recorded a slight decline from the prior year.

For the third quarter, the company recorded a profit attributable to the company of $8.597 million compared to a loss of $11.745 million in the prior year. On a per share basis, earnings was $0.04 compared to a loss of $0.06 last year. Earnings per ADS was $0.08 compared to loss per ADS of $0.12 a year ago.

Revenue for the quarter declined 1.1 percent to $368.24 million from $372.457 million in the previous year.

Looking ahead, the company expects revenue in a range of $275 to $295 million for the fourth quarter, while gross margin is expected in a range of 17 to 18 percent.