Chinese PV group ReneSola increased its annual revenue and reduced its losses last year.
Sales rose 2.8% to $1.56 billion while net loss narrowed to from $258.9 million a year ago to $33.6 million.
In the fourth quarter, revenue fell 11.8% year-on-year to $387 million as its net loss grew to $8.1 million from a profit of $1.4 million in the same period last year.
The company reported a 14% increase in annual module shipments to 1,970.3 MW while combined wafer and module shipments fell 10.5% to 2,816.4 MW. In the fourth quarter, module shipments exceeded previous guidance, reaching 488.4 MW, a quarter-on-quarter increase of 5.7%. Combined wafer and module shipments reached 744.3 MW, up 12.1% sequentially but down 5.1% from a year ago.
"In the fourth quarter of 2014, we exceeded our fourth quarter guidance for shipments and met our gross margin guidance despite continued challenges from the macro economy, including foreign exchange volatility, said ReneSola CEO Xianshou Li.
The company continued to shift its focus to retail-oriented and commercial customers with bundled services and downstream projects, Li added.
Citing the flexible nature of ReneSolas global manufacturing network, Li said the group was able to rebalance its geographic mix by reducing exposure in euro-denominated markets and shifting towards dollar-based and other non-euro markets in the fourth quarter.
The companys finance chief, Daniel K. Lee, said the company also managed to reduce long-term debt and convertible notes by $13.2 million and $17 million, respectively.
For Q1 2015, the company expects revenue of around $370 million and a gross margin of between 14% and 16%. For the full year, ReneSola anticipates revenue of between $1.5 billion and $1.6 billion.
The company added that it had no plans for internal capacity expansion this year.