Chinese solar projects developer ReneSola Ltd (NYSE:SOL) today reported a 10% year-on-year decline in third-quarter (Q3) net profit from continuing operations, with revenue reaching the high end of the company’s prior projections.
Net profit from continuing operations decreased to USD 3.6 million (EUR 3.1m) from USD 4 million a year back. For comparison, the bottom line in the second quarter of 2018 was USD 0.4 million.
The table below gives more details about the company’s financial performance.
|Figures in USD million (except percentages)
|Gross margin (%)
|Net profit from continuing operations
“Revenue was once again at the high end of our expectations, and we meaningfully improved both gross and operating margins. Net income for the third quarter grew significantly, despite the sequential revenue decline of more than 30%, as anticipated,” said CEO Xianshou Li, adding that the results reflect the company’s accelerating business momentum and improving earnings power.
For the fourth quarter of the year, the company forecasts revenues of between USD 20 million and USD 30 million, and overall gross margin of 20%-25%.
As at the end of September 2018, ReneSola owned 231.7 MW of operating rooftop systems, mainly in China but also including 15.4 MW in Romania and 4.3 MW in the UK. It also had about 132 MW of projects under construction and a project pipeline of around 1.5 GW, including 783.3 MW of late-stage developments. Just in the US ReneSola has a late-stage pipeline of 347 MW.
(USD 1.0 = EUR 0.875)
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