ReneSola Ltd Announces Third Quarter 2014 Results
JIASHAN, China, Nov. 26, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced its unaudited financial results for the third quarter ended September 30, 2014.
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Financial and Operational Highlights for Q3 2014
•Total solar module shipments were 462.2 megawatts ("MW"), compared to 498.7 MW in Q2 2014 and 462.9 MW in Q3 2013. Total solar wafer and module shipments were 663.8 MW, compared to 698.3 MW in Q2 2014 and 851.0 MW in Q3 2013.
•Net revenues were US$372.5 million, compared to US$387.1 million in Q2 2014 and US$419.3 million in Q3 2013.
•Gross profit was US$57.1 million with a gross margin of 15.3%, compared to a gross profit of US$56.9 million with a gross margin of 14.7% in Q2 2014 and gross profit of US$36.7 million with a gross margin of 8.7% in Q3 2013.
•Operating income was US$8.5 million with an operating margin of 2.3%, compared to an operating income of US$10.6 million with an operating margin of 2.7% in Q2 2014 and an operating loss of US$180.3 million with an operating margin of negative 43.0% in Q3 2013.
•Net loss attributable to holders of ordinary shares was US$11.7 million, representing basic and diluted loss per common share of US$0.06 and basic and diluted loss per American depositary share ("ADS"), each representing two common shares, of US$0.12.
•Cash and cash equivalents plus restricted cash totaled US$196.7 million as of the end of Q3 2014, compared to US$218.8 million as of the end of Q2 2014 and US$438.5 million as of the end of Q3 2013.
•Net cash outflow from operating activities was US$10.7 million, compared to net cash outflow from operating activities of US$40.6 million in Q2 2014 and net cash inflow from operating activities of US$79.6 million in Q3 2013.
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