Renesola Ltd. (NYSE:SOL) reports 1Q18 Swing To Profit

Renesola Ltd. (NYSE:SOL) manufacturer of solar power products reported income from continuing operation for the first quarter of $ 5.44 million or $ 0.01 per share, compared to loss of $ 3.23 million or $ 0.02 per share for the year-ago quarter.

The topline results for the first quarter decreased 81% to $ 44.76 million from $ 238.00 million in the same quarter last year.

Analysts polled by Thomson Reuters expected Renesola Ltd. to report income of $ 0.01 per share on revenue of $ 29.80 million for the first quarter.

Mr. Xianshou Li, CEO, commented, “We started 2018 with solid performance across our business as a result of continued strong execution of our strategy. First quarter revenue exceeded our expectations and operating margin expanded significantly from the fourth quarter of 2017.

At the same time, Renesola Ltd. anticipates full year 2018 revenue to be $130 million to $140 million.

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