Renesola Turns Around Losses in Fourth Quarter 2013

published: 2014-03-25 11:49 | editor: | category: News

ReneSola Ltd, a large brand and technology provider of solar photovoltaic ("PV") products, announced on March 24th its unaudited financial results for the fourth quarter and the full year ended December 31, 2013. Below are the company's highlights for 4Q13 and the entire 2013.

Fourth Quarter 2013 Financial and Operating Highlights
• Total solar module shipments were 505.3 MW, representing an increase of 9.2% from Q3 2013. Total solar wafer and module shipments in Q4 2013 were 784.1 megawatts ("MW"), representing a decrease of 7.9% from 851.0 MW in Q3 2013.
• Net revenues were US$438.8 million, representing an increase of 4.7% from US$419.3 million in Q3 2013.
• Gross profit was US$47.4 million with a gross margin of 10.8%, compared to gross profit of US$34.1 million with a gross margin of 8.1% in Q3 2013.
• Operating income was US$8.2 million with an operating margin of 1.9%, compared to an operating loss of US$180.3 million with an operating margin of negative 43.0% in Q3 2013.
• Net income attributable to holders of ordinary shares was US$0.8 million, representing basic and diluted earnings per share of US$0.00 and basic and diluted earnings per American depositary share ("ADS") of US$0.01.
• Cash and cash equivalents plus restricted cash were $348.9 million as of the end of Q4 2013, compared to US$438.5 million as of the end of Q3 2013.
• Net cash outflow from operating activities was US$29.5 million compared to net cash inflow from operating activities of US$79.6 million in Q3 2013.

Full Year 2013 Financial and Operating Highlights
• Total solar module shipments were 1,728.8 MW, representing an increase of 142.5% from 712.8 MW for full year 2012. Total solar wafer and module shipments were 3,146.5 MW, representing an increase of 42.4% from 2,209.0 MW for full year 2012.
• Net revenues were US$1,519.6 million, an increase of 56.8% from US$969.1 million in 2012.
• Gross profit was US$103.3 million with a gross margin of 6.8%, compared to a gross loss of US$35.7 million with a gross margin of negative 3.7% in 2012.
• Operating loss was US$222.1 million with an operating margin of negative 14.6%, mainly due to a non-cash impairment charge of US$202.8 million recorded in Q3 2013 primarily associated with the Company's Sichuan polysilicon factory, compared to an operating loss of US$179.0 million with an operating margin of negative 18.5% in 2012.
• Net loss attributable to holders of ordinary shares was US$259.5 million, representing basic and diluted loss per share of US$1.42 and basic and diluted loss per ADS of US$2.85.
• Net cash inflow from operating activities was US$120.1 million compared to net cash outflow from operating activities of US$94.7 million in 2012.

To read the full report, please visit: ReneSola Ltd Announces Fourth Quarter and Full Year 2013 Results

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