ReneSola Ltd. (ADR) (NYSE: SOL) shares are climbing after the company reported a profit for the fourth quarter as compared to a loss last year as it exceeded guidance with full-year revenues of $1.2 billion and solar wafer and module shipments of 1.2 gigawatts (GW), achieving full-year gross profit margin of 28.9%.
The company reported net income of $61.04 million or $0.34 per share for the fourth quarter as compared to a loss of $28.13 million or $0.16 per share in the prior-year quarter. This quarter earnings per American Depositary Share were $0.69 as compared to a loss of $0.33. The net revenues reported for the quarter more than doubled to $386.44 million from $179.89 million in the same quarter last year. The revenue growth was driven by higher wafer average selling price, excluding processing services, of $0.88 per watt and the continued growth of the company’s module business. The total solar product shipment during the quarter was a record 349.4 megawatts (MW), up 72.2% from 202.9 MW shipments in the year-ago quarter. The operating income for the fourth quarter was $85.9 million as compared to an operating loss of $20.5 million in the year-ago quarter, while operating margin for the quarter was a positive 22.2%, compared to last year’s negative 11.4%. The total operating expenses for the quarter increased to $33.39 million from $19.37 million in the year-ago quarter.
For the full year, the company reported net revenues were a record $1,205.6 million, an increase of 136.2% from $510.4 million in 2009. The net income reported was a record $169.0 million, representing basic and diluted earnings per share of $0.98 and $0.97, respectively, and basic and diluted earnings per ADS of $1.96 and $1.93, respectively.
The company projects total solar wafer and module shipments in a range of 320 MW to 330 MW, on quarterly revenue between $310 million and $330 mi! llion fo r the first quarter 2011.
For fiscal 2011, the company anticipates total solar wafer and module shipments in the range of 1.6 GW to 1.7 GW,? a 950 MW year-over-year increase of 35% to 44%.
Following the fourth-quarter results, shares of ReneSola climbed in today's trading. The stock is currently trading at $9.41. The stock is up 2.28% from its previous close. ReneSola shares touched the high of $9.59 and lowest price in today's session is $9.22.
The company stock traded in the range of $4.72 and $15.34 during the past 52 weeks. The company's market cap is $817.24 million.
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