Renesola’s financial results for the first quarter of 2018 show a continued positive performance, following the company’s restructuring and exit from the solar manufacturing business late last year.
The company posted revenue of $44.8 million for the quarter which, though in line with its guidelines – which were raised earlier in June – represents a 30.9% drop on the previous quarter’s $64.8 million. Renesola’s net income, however, rose to $5.4 million, a 220% increase on the $1.7 million posted for the final quarter of 2017.
“We started 2018 with solid performance across our business as a result of continued strong execution of our strategy,” said Renesola CEO Xianshou Li. “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.”
Renesola says it has a project pipeline of 1.1 GW, 748 MW of which it defines as ‘late stage’. The largest share of projects – 189.4 MW – is in the U.S., and the company is developing 75.9 MW of PV in China.
Looking forward, Renesola says it expects to post revenue of $20-30 million in the second quarter, and to increase margin to 20-25% – from the 18.7% posted for the first quarter. For the full year, Renesola says it expects to connect 100-150 MW of distributed generation projects in China, and to monetize 80-100 MW of projects in international markets – resulting in annual revenue in the range of $130-140 million.