Renesola decrease revenue, profit and shipment in Q1 2017
Post date: 15/06/2017 - 16:35
Chinese solar manufacturer and developer Renesola Ltd achieved revenue of $156.6 million in the first quarter 2017, down 39.9 percent compared to the first quarter last year. The decline in the year-over-year revenue was primarily due to lower module ASP's and reduced product shipments to external customers, says the company.
Gross profit of $1.7 million was down 65.4 percent compared to the previous quarter and 96.1 percent year over year. Operating loss was $17.8 million, compared to operating loss of $21.8 million in Q4 2016 and operating income of $12.2 million in Q1 2016. Net loss was $23.2 million, compared to net loss of $25.5 million in Q4 2016 and net income of $5.7 million in Q1 2016.
The company had cash and cash equivalents of $144.4 million as of March 31, 2017, compared to $133.2 million as of December 31, 2016. Total borrowings were $678.6 million, increasing by $54.3 million from $624.3 million as of December 31, 2016.
During the first quarter, total external module shipments were 266.8 MW, down 19.3 percent from Q4 2016 and down 23.9 percent from Q1 2016. Total wafer shipments were 259.2 MW, down 15.3 percent from Q4 2016 and down 26.2 percent from Q1 2016.
For Q2 2017, the company expects revenue in the range of $180 to $200 million, external wafer shipments in the range of 220 MW to 240 MW and external module shipments in the range of 230 MW to 250 MW. For full year 2017, Renesola expects revenue in the range of $900 million to $1,000 million.