ReneSola back in profit for Q2
China’s Renesola crept back into profitability in the second quarter of 2014, and claimed operational efficiencies and a growing global base will give it stronger results as the year unfolds.
Renesola delivered a net profit of $800,000 in the April to June quarter on sales of $387.1m. In the same quarter last year, the company made a net loss of $21.1m on revenues of $377.4m.
The New York-listed manufacturer shipped 499MW of modules in the first quarter, up from 434MW in the year-ago same period.
Its gross margin was 14.7%, up from 8% in Q2 2013.
The company expects to ship 530-550MW in the current third quarter, with its gross margin in the range of 15% to 17%.
ReneSola CEO Xianshou Li said: "Our quarterly results stemmed from fundamental improvements to our business operations as well as a differentiated and competitive global-centric business model, which we expect will lead to stronger results for the rest of this year."
ReneSola has forged 1.1GW capacity of global production capacity via OEM partnerships, which it claims gives it flexibility in a fast-shifting policy landscape.
Li said: “Our globalised structure enables us to adapt to demand changes quickly, be they the result of market forces or changes in trade policies. Continued investment in our global network has yielded new client wins and industry recognition for our wide range of solar products."