ReneSola’s module shipments up 14% in 2014 reaching 1,970.3MW

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Updated: Major tier-1 PV module manufacturer ReneSola reported full-year module shipments above revised guidance at 1,970.3MW, up 14% from the prior year. 

ReneSola reported full-year net revenue of US$1,561.5 million, an increase of 2.8% from US$1,519.6 million in 2013. Gross profit was US$209.3 million with a gross margin of 13.4%, compared to a gross profit of US$113.1 million with a gross margin of 7.4% in 2013.

The company reported total solar module shipments in the fourth quarter of 2014 of 488.4MW, exceeding previous guidance and representing an increase of 5.7% from the prior quarter.         

Total solar wafer and module shipments in the quarter were 744.3 MW, an increase of 12.1% from 663.9MW in prior quarter.  

Net revenues were US$387.0 million in the fourth quarter, representing an increase of 3.9% from US$372.5 million in Q3 2014, and a decrease of 11.8% from US$438.8 million in Q4 2013.

Xianshou Li, ReneSola's chief executive officer said, “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. We also continued to implement our strategy of shifting the focus of our business to retail-oriented and commercial customers with bundled services and downstream projects. Due to the flexible nature of our global manufacturing network, we were able to rebalance our geographic mix by reducing our exposure in euro-denominated markets and shifting towards dollar-based and other non-euro markets during the fourth quarter.

ReneSola also noted that its polysilicon production for 2014 was 5,825MT, with an output of 1,884MT in the fourth quarter of 2014, highlighting that its polysilicon factory was currently running at full capacity and was expected to be profitable and generate positive cash flow in 2015.

Guidance 

ReneSola guided first quarter 2015 revenue to be between US$360 million and US$380 million with gross margin between 14 to 16%. 

Full-year 2015 revenue was guided to be between US$1.5 billion to US$1.6 billion, indicating little growth expected for the year.

The company also noted in its earnings call that it expected shipments to be lower in 2015 than in the prior year as it shifts its business model to multiple markets focused on residential and commercial sectors and had no plans to expand in-house production capacity in 2015. The company has over 1GW of outsourced capacity through OEM arrangements in key markets such as US, India and Europe. 

 “We don't intend to make any capital expenditures. Our model is about building our channels, providing bundled services, and we have been shifting more and more from the large scale ground based projects to smaller more retail oriented type of clients,” noted  Daniel Lee, CFO of ReneSola. “That’s why this year our shipments will be lower than last year, but in terms of revenue it's still at par with last years.

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