ReneSola reports Q4 net income, provides outlook for Q1

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6 April 2016, Nuclear, Solar, Wind

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Net revenues for the fourth quarter ended December 31, 2015 were $296.39 million, compared to $386.97 million for the same quarter ended December 31, 2014.

Net loss attributed to holders of ordinary shares for the year ended December 31, 2015 was $5.07 million, or $0.02 loss per share, compared to a net loss attributed to holders of ordinary shares of $33.63 million, or $0.17 loss per share, for the year ended December 31, 2014.

Net revenues for the year ended December 31, 2015 were $1.28 billion, compared to $1.56 billion for the year ended December 31, 2014.

For 2016, the company expects revenue to be in the range of $1.0 billion to $1.2 billion.

"We are proud that we delivered on our strategy in 2015, making significant progress in transforming ReneSola from a solar product manufacturer to a multi-faceted participant across the green energy value chain," commented Mr Xianshou Li, ReneSola's CEO. "Our full-year 2015 results demonstrated the wisdom of our strategy. We increased gross margin for the third straight year, and reduced operating expenses on an absolute basis for the second straight year. This resulted in operating profit tripling from 2014, and a significantly reduced net loss.

"Revenue declined somewhat, but this was mainly due to reduced shipments to external customers, as we strategically directed more shipments to our own downstream projects. Our solid P&L performance enabled a reduction in debt of $59 million. Effective management of or working capital and improved balance sheet strength remains a key focus for our team and a long-term commitment to our shareholders. We expect to pay down more debt in the quarters ahead."

Source: MarketLine

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