ReneSola Ltd. (SOL:US), the third-largest maker of solar wafers, fell the most in more than a year after its second-quarter loss exceeded analysts’ estimates.
ReneSola’s American depositary receipts declined 16 percent to $1.51 at the close in New York, the most since Aug. 8, 2011. The Jiashan, China-based company has lost 55 percent of its market value in the past year.
ReneSola’s loss was $34.8 million, or 40 cents an ADR, compared with a profit of $1.8 million, or 2 cents, a year earlier, according to a statement today. Sales dropped 6.5 percent to $233 million. The loss exceeded by 8 cents an ADR the average of four analysts’ estimates compiled (SOL:US) by Bloomberg. Each ADR is worth two ordinary shares.
The company reiterated its 2012 shipment forecast of 2.2 gigawatts to 2.4 gigawatts of solar wafers and panels. China’s GCL-Poly Energy Holdings Ltd. (3800) and LDK Solar Co. are the largest makers of polysilicon wafers used in solar cells, according to data compiled by Bloomberg.
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