Solar Industry Financial News for ReneSola Ltd.

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Solar Industry Financial News – ( Solar Thermal Magazine ).

JIASHAN, ChinaMay 29, 2014  ReneSola Ltd, a leading brand and technology provider of solar photovoltaic (“PV”) products, today announced its unaudited financial results for the first quarter ended March 31, 2014.

Financial and Operational Highlights

  • In Q1, total solar module shipments were 521.1 megawatts (“MW”), compared to 505.3 MW in Q4 of 2013. Total solar wafer and module shipments in Q1 were 710.1 MW, compared to 784.1 MW in Q4.
  • Net revenues were US$415.0 million, compared to US$438.8 million in Q4 2013.
  • Gross profit was US$44.0 million with a gross margin of 10.6%, compared to gross profit of US$49.7 million with a gross margin of 11.3% in Q4 2013.*
  • Operating loss was US$8.7 million with an operating margin of negative 2.1%, compared to operating income of US$8.8 million with an operating margin of 2.0% in Q4 2013.
  • Net loss attributable to holders of ordinary shares was US$14.6 million, representing basic and diluted loss per share ofUS$0.07 and basic and diluted loss per American depositary share (“ADS”) of US$0.14.
  • Cash and cash equivalents plus restricted cash totaled $214.9 million as of the end of Q1 2014, compared to US$348.9 million as of the end of Q4 2013.
  • Net cash outflow from operating activities was US$112.3 million compared to net cash outflow from operating activities ofUS$30.8 million in Q4 2013.

Read the whole press release. http://www.prnewswire.com/news-releases/renesola-ltd-announces-first-quarter-2014-results-261063681.html

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This post was prepared by Solar Thermal Magazine staff.