ReneSola Ltd (NYSE:SOL) augmented 2.05% to close at $ 2.49 in the last trading session and its total traded volume was 88581 shares versus average volume of 53.60K. The company has market cap of $96.49M. The stock has negative monthly performance of -11.05% while its yearly performance remained -0.40%.
The stock demonstrated a positive move of 4.62% in Previous 5 day’s graph. Its quarterly performance remained in the red with the percentage of -7.43%, while its year to date performance showed that the stock plunged overall -6.39% The 52 week range of the stock was $2.12 – 3.79.
ReneSola Ltd (NYSE: SOL), a leading solar project developer and operator, today declared its unaudited financial results for the first quarter ended March 31, 2018.
Mr. Xianshou Li, ReneSola’s Chief Executive Officer, stated, “We started 2018 with solid performance across our business as a result of continued strong execution of our strategy. First quarter revenue exceeded our expectations and operating margin expanded significantly from the fourth quarter of 2017, resulting in a sequential increase in net income of over 200%.”
Li continued, “Our overall global project pipeline remains solid at around 1.1 GW. In the first quarter, we successfully installed 6.3 MW of rooftop projects in China and 6.8 MW of ground-mount projects in North Carolina. As we look to the remainder of 2018, we remain optimistic about the business opportunities across different geographies. In addition, the fundamentals for our project business have significantly improved over the last few quarters, and we will maintain our commitment to growing profitably, managing our operations and strengthening our financial position.”
First Quarter 2018 Highlights
Revenue was $44.8 million, compared to the raised guidance range of $40 million to $45 million;
Gross margin was 18.7%, compared to 10.5% in Q4 2017;
Income before income tax and noncontrolling interests was $5.4 million, compared to an income of $2.0 million in Q4 2017 and a loss of $3.2 million in Q1 2017;
Recognized revenue of $31.8 million from Project Development business, mainly from sales of utility solar projects in the United Kingdom;
Recognized revenue of $8.7 million from EPC services for 15.8 MW of DG projects in China;
Recognized revenue from the sale of electricity of $4.2 million;
Installed 6.3 MW of rooftop projects in China and 6.8 MW of ground-mount projects in North Carolina, United States; and
Solar power project pipeline of approximately 1.1 GW, of which 748 MW are late-stage.
First Quarter 2018 Financial Results
Revenue was $44.8 million, compared to $64.8 million in Q4 2017 and $0.2 million in Q1 2017.
Gross profit was $8.4 million, compared to a gross profit of $6.8 million in Q4 2017 and a loss of $0.2 million in Q1 2017. Gross margin was 18.7%, compared to 10.5% in Q4 2017, mainly due to the improved margin from overseas project development business and EPC business in China.
Operating expenses were $2.5 million, up from $1.9 million in Q4 2017 and from $1.3 million in Q1 2017. Sales and marketing expenses were $0.1 million, down from $0.6 million in Q4 2017, mainly due to reduced commission expenses associated with sale of green certificates. General and administrative expenses were $2.4 million, up from $1.7 million in Q4 2017, mainly due to the increased salary expenses associated with additional new hires.
Operating income was $5.9 million, compared to an operating income of $4.9 million in Q4 2017 and an operating loss of $1.5 million in Q1 2017.
Total non-operating expenses of $0.4 million included interest expenses of $1.5 million and foreign exchange gain of $1.1 million, mainly driven by theh appreciation of EUR against USD and KRW.
Income before income tax and noncontrolling interests was $5.4 million, compared to an income of $2.0 million in Q4 2017 and a loss of $3.2 million in Q1 2017.
Net income was $5.4 million, compared to an income of $1.7 million in Q4 2017 and a loss of $3.2 million in Q1 2017.
The Company had cash and cash equivalents of $10.9 million as of March 31, 2018, compared to $13.4 million as of December 31, 2017. Long-term borrowings were $32.7 million as of March 31, 2018, compared to $32.5 million as of December 31, 2017. Long-term failed sale-lease back and capital lease liabilities, associated with the financial leasing payables for rooftop projects in China, were $78.2 million as of March 31, 2018, compared to $67.5 million as of December 31, 2017, the increase was mainly due to the corresponding growth of the Company’s DG operating assets.
Shares of ReneSola Ltd have been recently spotted trading -34.23% off of the 52-week high price. On the other end, company shares have been noted 17.45% away from the low price over the last 52-weeks. 52 week range of the stock remained $ 2.12 – 3.79. Switching over to some distances from popular moving averages, we see that the stock has been recorded -4.97% away from the 50 day moving average and -6.42% away from the 200 day moving average. Moving closer, we can see that shares have been trading -1.14% off of the 20-day moving average. 4914 employees work in the Company. It has market cap of $96.49M.
Category – Technology
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