ReneSolar posts $44.8 mn revenue with 18.7% gross margin in Q1

By Editor


ReneSola posted revenue of $44.8 million in Q1 2018 as compared to $64.8 million in Q4 2017 and $0.2 million in Q1 2017.

ReneSola has achieved revenue of $31.8 million from the Project Development business.

ReneSola said revenue from the EPC business was $8.7 million — from the provision of EPC services of 15.8 MW in China.

ReneSola said revenue from the sale of electricity was $4.2 million. The company generated 28.4 million kwh of electricity from its projects in China.

ReneSola achievements in Q1

Revenue of $44.8 million against target of $40 million
Gross margin of 18.7% against 10.5% in Q4 2017
Revenue of $31.8 million from Project Development business
Revenue of $8.7 million from EPC services
Revenue of $4.2 million from the sale of electricity
Installed 6.3 MW of rooftop projects in China
Installed 6.8 MW ground-mount projects in United States
Solar power project pipeline of 1.1 GW including 748 MW in late-stage

ReneSola has posted gross profit of $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 percent, compared to 10.5 percent in Q4 2017, mainly due to the improved margin from overseas project development business and EPC business in China.

ReneSola’s operating income was $5.9 million, compared to operating income of $4.9 million in Q4 2017 and operating loss of $1.5 million in Q1 2017.

“First quarter revenue exceeded our expectations and operating margin rose significantly from the fourth quarter of 2017, resulting in a sequential increase in net income of over 200 percent,” Xianshou Li, chief executive officer of ReneSola, said.

ReneSola said its project business is expected to generate revenue of $20 to $30 million and gross margin of 20 percent to 25 percent in the second quarter of 2018. The company expects to connect 15 MW to 20 MW of DG projects in China, and to monetize 6.8 MW projects in international markets.

ReneSola said it expects to generate revenue of $130 to $140 million with gross margin of 20 to 25 percent in 2018. The solar power company aims to connect 100 MW to 150 MW of DG projects in China, and to monetize 80 MW to 100 MW projects in international markets this year.

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