Chinese solar products maker ReneSola posted a third-quarter loss and forecast a weak fourth quarter, hurt by weak demand in its key markets.
For the fourth quarter, the solar wafers and power products maker expects revenue of $140-$150 million.
Analysts, on average, expect the company to post revenue of $221.3 million, according to Thomson Reuters I/B/E/S.
ReneSola's net loss for the third quarter was $8.2 million, or 9 cents per American Depositary Share (ADS), compared with a profit of $60.1 million, or 70 cents per ADS, in the year-ago quarter.
Revenues dropped by about a fourth to $189.1 million.
On Tuesday, Suntech Power Holdings, JA Solar and other Chinese companies reported disappointing earnings and said the market would remain weak into the first half of 2012.
For 2011, the company cut its capital spending budget by about 40 percent to $158 million. It expects total solar wafer and module shipments to be in the range of 1.23 Gigawatts (GW) to 1.25 GW.
Shares of ReneSola closed at $1.74 on Tuesday on the New York Stock Exchange.
