ReneSola moves to net profit of USD 5.7 m in Q1
May 23, 2016 14:37 CEST
May 23 – Chinese solar company ReneSola Ltd (NYSE:SOL) today reported a net profit of USD 5.7 million (EUR 5.1m) for the first quarter of 2016, versus a net loss of USD 18 million a year ago.
“The quarter played out largely as we had anticipated and was marked by solid growth in the downstream project pipeline, margin improvement, and in-line revenue performance,” said chief executive Xianshou Li.
Gross margin climbed to 17.1% from 10.5% in the year ago-period and from 16% in the preceding quarter.
At USD 260.7 million, revenue came in at the lower end of the guidance of USD 260 million-270 million and was down 25.3% on the year and 12% on the quarter. The company said the fall was due to lower module prices as well as lower module shipments to external customers, reflecting its continued shift towards downstream project development. ReneSola now has a development pipeline of 785.3 MW, including 323.2 MW of late-stage projects, according to the announcement.
During the reporting quarter it shipped 350.7 MW of modules to external customers and 20.1 MW to its downstream projects.
For the second quarter, the company guided for revenue of between USD 280 million and USD 290 million and a gross margin of around 18%. It confirmed its full-year revenue forecast of USD 1 billion to USD 1.2 billion.
(USD 1.0 = EUR 0.892)
Recommends:
EasyAcc Classic 15000mAh Solar Panel Power Bank with Flashlight External Battery Portable Charger for iPhone Samsung Smartphones Tablets Bluetooth Speaker – Black and OrangeEasyAcc – make it easy
EasyAcc PowerBank – make it easy to keep running
Why choose the EasyAcc PB15000SP Powerbank?
Cha…
X-DRAGON 10000mAh Dual USB Solar Power Bank for iPhone 6 Plus, 5s, 5c, 5, 4s, iPod, Samsung Galaxy S6, S6, Edge S5, S4, S3 and More (Orange)“Your 100% Satisfaction is our Highest Priority”, we will try our best to serve customers well X-DRAGON Solar charger, power your …
Anker 21W 2-Port USB Solar Charger PowerPort Solar for iPhone 6/6 Plus, iPad Air 2/mini 3, Galaxy S6/S6 Edge and MoreAnker PowerPort Solar Charge with the power of the sun. From ANKER, America’s Leading USB Charging Brand – Faster and safer char…
Solar Power Bank
