ReneSola reports preliminary Q3 revenue $55M-$60M, one estimate $20.5M.
This compares to its previous revenue guidance of $15M-$20M. Gross margin for Q3 is expected to be in the range of 15%-17%, compared to the prior guidance of 35%-40%. Shelley Xu, CEO of ReneSola, commented, "Our preliminary revenue range reflects significant revenue contributions from the sale of several solar projects in September 2019. As we discussed earlier in the year, some project sales were delayed into the second half, but with focused team work we were able to close many transactions more quickly than we planned at the start of the third quarter. Sale activity is increasing across many of our geographies, helping to accelerate our business momentum. We are confident in our ability to successfully monetize our robust project pipeline in the coming quarters."