ReneSola Beats EPS Consensus But Shares Drop

Renesola SOL, a Chinese producer of solar products, released their first quarter earnings this morning for the three month period ended March 31. The company reported an EPS loss of $0.23 per share, beating the 0.$28 loss estimate by more than 17 percent. ReneSola recorded revenue of 284.2 million, beating estimates by 7.57 percent. Operating expenses dropped by almost seven percent, increasing margin by 6.1 percent from the year prior. This was a primary cause for the increase in gross margin and toppling earning estimates. Looking forward to the second quarter, ReneSola expects revenues between $310 and $330 million with gross margin to be between three and five percent. Shares are down 6.79 percent Thursday to $2.06.