Renesola decreased revenue and increased net income in 2018
Post date: 09/04/2019 - 17:44
Chinese solar project developer Renesola Ltd. achieved revenue of $5.6 million in the fourth quarter 2018, down substantially both year-over-year and sequentially (Q3: $18.8 million; -70 percent) and well below guidance ($20 to $30 million). Two asset sales the company expected to have completed in Hungary (7.7 MW) and Poland (14 MW) were delayed, as due diligence on those assets took longer than anticipated. Energy sales were $5.4 million, mostly from the 37.9 million kWh generated by rooftop DG projects in China.
Full year revenue decreased 6 percent to $96.9 million from $103.0 million in 2017, which was mainly be caused by the project sales that slipped out in the fourth quarter, says the company: »Had those sales been recognized as planned, revenue would have been up 14 percent year-over-year.
Net loss was $4.3 million in Q4 of 2018, compared to net income $3.6 million in Q3 of 2018 and net income of $1.7 million in Q4 of 2017. Net income was $5.1 million in the full year 2018 (+59 percent), compared to $3.2 million in 2017.
The development pipeline is at around 1.7 GW, of which 773 MW are late-stage (featuring the US, Canada, Poland, France, Hungary, Spain, India, South Korea, Vietnam, and China). Around 54 MW are under construction.
For 2019, the company expects to generate revenue in the range of $150 to $170 million. For the first quarter of 2019, revenue will be in the range of $8 to $10 million.