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SOL: ReneSola Nets First Profit in 10 Quarters

Increased shipments of solar modules has given ReneSola (SOL) its first net profit in 2 years.

renesola-sol-stock“In a year in which the global solar industry showed real signs of recovery despite persistent challenges, we are happy to have not only endured but to be returning to profitability. In 2013, our module shipments increased dramatically from last year, demonstrating our current position as one of the world’s major module providers, and after only 18 months of scale production,” said Mr. Xianshou Li, ReneSola’s chief executive officer.

Net profit was $800,000 for the fourth quarter ending Dec. 31 versus a loss of $88.9 million. Revenue for the quarter rose about 43% to $438.8 million.

After years of decline, solar panel prices began increase, which boosted solar companies such as Trina Solar Limited (TSL) and JA Solar Holdings Co., Ltd. (JASO) in recent quarters.

ReneSola said in a statement that the increase in module shipments in 2013 was the result of efforts to improve its brand recognition and grow its market share globally.

Renesol is now seeing rapid growth in its international business development, opening offices in France, Panama, Turkey and Thailand, and setting up new sales offices in Southeast Asia, Latin America, the UAE, Africa, Russia, and Canada.

SOL stock is up 13% year to date.

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