ReneSola posts record shipments and sales in 2010

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A true turnaround year was seen at ReneSola in 2010, having posted a loss (US$71.9 million) in 2009, the integrated PV manufacturer posted net revenues of US$1,205.6 million, an increase of 136.2% from US$510.4 million in 2009. Record revenues were said to be driven by higher wafer ASPs and strong growth in module shipments. Total solar wafer and module shipments for the full year were a record 1,182.8MW, an increase of 124.6% from 526.6 MW for the full year 2009.

ReneSola reported total solar wafer and module shipments of 349.4MW for the fourth quarter of 2010, an increase of 7.5% from 324.9MW in the previous quarter and a new quarterly record. Net revenue was reported as US$386.4 million, an increase of 7.7% from US$358.7 million in the third quarter of 2010.

A record US$119.3 million was reported as net profit with a gross margin of 30.9%, compared to gross profit of US$116.7 million with a gross margin of 32.5% in the previous quarter. Net income was US$61.0 million.

ReneSola reported total solar wafer (887.6MW) and module shipments for the full year 2010 were a record 1,182.8 MW, an increase of 124.6% from 526.6 MW for the full year 2009. Full year 2010 net revenues were a record US$1,205.6 million, an increase of 136.2% from US$510.4 million in 2009.

Gross profit for the year was a record US$348.0 million with a gross profit margin of 28.9%, compared to a gross loss of US$43.2 million with a gross margin of negative 8.5% in 2009. The full year 2010 operating income was US$245.9 million with an operating margin of 20.4%, compared to an operating loss of US$90.6 million with an operating margin of negative 17.7% in 2009. Net income was a record US$169.0 million in 2010.

“We delivered excellent value to our shareholders for the full year 2010, achieving a record return on equity of 34.4%,” commented Xianshou Li, ReneSola's chief executive officer. “Capitalizing on robust market demand, we expanded our capacities and increased our shipments throughout the year to reach record revenues of over US$1.2 billion. We continued to execute on our cost-reduction strategy in the fourth quarter, lowering our non-silicon wafer processing cost to US$0.24/W. Our polysilicon plant also began to contribute to profitability as we continued to ramp up polysilicon production and reduce production cost to US$45/kg in February against a macro environment of rising polysilicon spot prices.”

In the conference call to discuss its financial results, Xianshou Li said that non-silicon wafer processing costs would decline to US$0.18/W by the end of 2011, due to further manufacturing efficiency and optimization strategies are implemented.

“We intend to further reduce our wafer processing cost in 2011 and increase the current polysilicon production to 3,500MT through de-bottlenecking while reducing cost to US$35/kg by the end of 2011. The de-bottlenecking would add 500MT capacity, according to Li.

Management also said in the call that it would be expanding polysilicon capacity by a further 5,000MT per annum with construction of additional facilities as it attempted to keep up with wafer demand.  Polysilicon capacity is therefore expected to reach 8,500MT in its next expansion phase.

ReneSolar had record module shipments of 126.8MW with its third-party module ASP of $1.85 in Q4 2010.  The company noted that it expected to ship between 400MW to 450 MW of modules in 2011.

Management said that it planned to spend US$350 million in 2011 to increase wafer capacity 1.9GW, up from 1.3GW in 2010. Module capacity would also increase to meet branded and non-branded module demand from a growing number of customers to 600MW, up from a capacity of 400MW at the end of last year.

ReneSolar said that its CapEx in the fourth quarter was US$56.3 million, bringing total CapEx in 2010 to US$140.9 million.

The company gave guidance of wafer and module shipments reaching 320MW – 330MW in the first quarter of 2011. Revenue in the first quarter was guided between US$310-330 million with gross profit margin to be in the range of 30% to 32%.

Total solar wafer and module shipments for 2011 were guided to be in the range of 1.6GW -1.7GW.

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