ReneSola Ltd. (SOL), a manufacturer of solar photovoltaic modules and wafers, reported that its fourth-quarter net loss attributed to holders of ordinary shares widened to $49.85 million or $0.29 per share, from $36.69 million or $0.21per share in the same quarter last year.
Total operating expenses for the quarter surged to $34.03 million from $9.32 million in the year ago quarter.
Net revenues for the quarter rose to $306.45 million from $187.69 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.37 per share on revenues of $253.50 million for the quarter. Analysts' estimates typically exclude special items.
Total solar wafer and module shipments in the quarter were 713.2 megawatts or "MW", up from 339.9 MW in the year ago quarter.
For first-quarter of 2013, the Company expects total solar wafer and module shipments to be in the range of 660 MW to 680 MW, with solar module shipments expected to be in the range of 280 MW to 300 MW. Revenues are expected to be in the range of US$260 million to US$270 million and gross margin is expected to be positive. Analysts expect the company to report revenues of $204.15 million for the first-quarter.
For the full year 2013, the company expects total solar wafer and module shipments to be in the range of 2.7 GW to 2.9 GW, with solar module shipments expected to be in the range of 1.4 GW to 1.6 GW.
The company expects to spend approximately US$60 million this year to complete its polysilicon production capacity upgrade, as well as to maintain and upgrade its existing businesses.
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