ALL SECTIONS
Your Investment News From China to Wall Street

ReneSola Reports Strong Results for 2017

Shares in ReneSola (NYSE: SOL) rose more than 2 percent today, closing at $2.76 per share, up 6 cents.

CapitalWatch Staff
    Apr 25, 2018 1:28 PM  PT
ReneSola Reports Strong Results for 2017

ReneSola Inc., an international developer and operator of solar-power projects, reported today that its revenue in the fourth quarter rose more than 60 percent compared with the year-earlier period while its operating income more than doubled as the company shifted away from manufacturing to project development. 

For the three months, the Shanghai-based company said it earned $1.7 million, or less than 1 cent per share, in contrast to a loss of $25.5 million a year earlier driven by a loss of $27.3 million from discontinued operations. Income from operations rose to $4.9 million in the latest three months from $2.1 million in the year-ago comparable period. Revenue climbed to $64.8 million from $40.2 million. 

Shares in ReneSola (NYSE: SOL) rose more than 2 percent today, closing at $2.76 per share, up 6 cents. 

"2017 was a transformative year for the Company," said Xianshou Li, ReneSola's chief executive officer. "We exited the manufacturing business, becoming a pure play in the rapidly growing project development market. As a result, the fundamentals for our project business significantly improved." 

For the full year, the company reported that it earned $34.5 million, or 14 cents per share, in contrast to a loss of $34.7 million in 2016. Net income from continuing operations last year was $3.2 million, or 1 cent per share, compared with earnings of $95,000 the year before. Revenue in 2017 was $103 million, a 28 percent increase over $80.5 million in 2016.

MOST VIEWED
YOU MAY LIKE