ReneSola Elaborates on U.S. Department of Commerce Investigation Regarding Certain Crystalline Silicon Photovoltaic Products from China
Mar 27 14
ReneSola Ltd. elaborated on a pending U.S. Department of Commerce's anti-dumping and countervailing duty investigation regarding certain crystalline silicon PV products from China. On December 31, 2013, a petition was filed with the Department to initiate an anti-dumping and countervailing duty investigation regarding certain Chinese solar products. This is the second investigation initiated since the first petition was filed at the end of 2011. In 2012, petitions against Chinese-made solar products were also filed in European Union. Anti-dumping and countervailing duty investigations are commonly used to resolve international trade disputes. The 2011 investigation in the United States was settled by setting certain tariffs on solar modules with cell components produced in China. The 2012 investigation in the European Union was resolved by setting a price floor for Chinese-made solar products. On March 25, 2014, ReneSola received a letter from the Department in which ReneSola was named as one of the mandatory respondents related to the anti-dumping investigation. According to the World Trade Organization rules, the Department has to guarantee the export quantities of the sampled companies accounted for a certain percentage of the total export sales of China. It is common practice for the Department to selects certain companies with relatively large market share in the United States to participate in the investigation. The company intends to fully cooperate with the investigation proceedings and to pursue the best outcome for ReneSola, as well as the industry. It is estimated the Department will make a preliminary ruling in June of 2014.
ReneSola Ltd. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and the Full Year Ended December 31, 2013; Provides Gross Marin and Production Guidance for the First Quarter and Full year of 2014
Mar 24 14
ReneSola Ltd. announced unaudited consolidated financial results for the fourth quarter and the full year ended December 31, 2013. For the fourth quarter, the company reported net revenues of $438,837,000 against $306,454,000 a year ago. Income from operations was $8,194,000 against loss from operations of $23,770,000 a year ago. Income before income tax, non-controlling investments was $4,122,000 against loss before income tax, non-controlling investments of $31,405,000 a year ago. Net income was $801,000 against net loss of $88,913,000 a year ago. Net income attributed to company was $791,000 against net loss attributed to company of $88,911,000 a year ago. Earnings per diluted share was $0.00 against loss per diluted share of $0.51 a year ago. Net cash outflow from operating activities was $29.5 million. Revenues increased quarter-over-quarter due to an increase in the ASPs of solar modules along with growth in module shipments.
For the full year, the company reported net revenues of $1,519,635,000 against $969,132,000 a year ago. Loss from operations was $222,057,000 against $179,031,000 a year ago. Loss before income tax, non-controlling investments was $262,254,000 against $221,210,000 a year ago. Net loss attributed to company was $259,527,000 against $242,515,000 a year ago. Loss per diluted share was $1.42 against $1.40 a year ago. Net cash provided by operating activities was $119,831,000 against net cash used in operating activities of $94,731,000 a year ago. Purchases of property, plant and equipment was $90,140,000 against $113,534,000 a year ago. Advances for purchases of property, plant and equipment was $36,098,000 against $22,887,000 a year ago. The increase in Revenue was the result of an increase in solar module shipments, which offset a decrease in solar module ASPs.
For first quarter of 2014, the company expects total solar module shipments to be in the range of 500 MW to 520 MW, and gross margin to be in the range of 9% to 11%. For full year 2014, the company expects total solar module shipments to be in the range of 2.3 GW to 2.5 GW. For year 2014, the company does not have any plans for internal capacity expansion.
ReneSola to Provide Virtus II Modules, String Inverters, and Micro Inverters to UK Solar Project
Mar 13 14
ReneSola Ltd. announced that it will deliver 66 Replus string inverters and 100 Micro Replus micro inverters to Enlightened Solar, as part of a larger sale of ReneSola solar products. Enlightened Solar will install the ReneSola inverters and 2,000 ReneSola 240W and 260W Virtus II modules on a series of new housing projects in the United Kingdom. The ReneSola products will be installed at housing developments consisting of 1,000 new homes located in Crawley Brentwood and Dagenham in southeast England. The homes will be built by Countryside properties and will include a mix of private and social housing.