ReneSola net revenue rises by 4.7% to US$438.8 million in Q4 2013

ReneSola reported net revenues of US$438.8 million in Q4 2013, representing an increase of 4.7 percent from US$419.3 million in Q3 2013.

Total solar module shipments were 505.3 MW, representing an increase of 9.2 percent from Q3 2013. Total solar wafer and module shipments in Q4 2013 were 784.1 MW, representing a decrease of 7.9 percent from 851.0 MW in Q3 2013.

Gross profit was US$47.4 million with a gross margin of 10.8 percent, compared to gross profit of US$34.1 million with a gross margin of 8.1 percent in Q3 2013.

Operating income was US$8.2 million with an operating margin of 1.9 percent, compared to an operating loss of US$180.3 million with an operating margin of negative 43.0 percent in Q3 2013.

For the full year 2013, ReneSola  had solar module shipments of 1,728.8 MW, representing an increase of 142.5 percent from 712.8 MW for full year 2012.

Renesola

Total solar wafer and module shipments were 3,146.5 MW, representing an increase of 42.4 percent from 2,209.0 MW for full year 2012.

Net revenues were US$1,519.6 million, an increase of 56.8 percent from US$969.1 million in 2012.

Gross profit was US$103.3 million with a gross margin of 6.8 percent, compared to a gross loss of US$35.7 million with a gross margin of negative 3.7 percent in 2012.

“We achieved another quarter of record solar module shipments and record revenue, and recognized net profit for the first time in two years. It was a great achievement of which I’m very happy and proud,” said Xianshou Li, ReneSola’s chief executive officer.

The company started its global OEM initiative two years ago, and in 2013 saw remarkable progress in that strategy. The company has overseas OEM module capacity of approximately 1GW with facilities in Poland, South Africa, India, Malaysia, South Korea, Turkey, and most recently Japan.

Commenting on the success of the company’s OEM strategy, Li added, “Our OEM strategy enables us to grow our business with minimum capital expenditure, and also provides us great flexibility in terms of capacity expansion as dictated by actual market conditions.”

“Furthermore, given the potential of extended and additional anti-dumping and countervailing measures regarding Chinese solar products, our global OEM capability puts us in a very favorable position to manage such regulatory obstacles,” Li further said.

The company is also in the process of setting up new sales offices in Southeast Asia, Latin America, the UAE, Africa, Russia, and Canada, Li said.

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