Renesola Ltd. (NYSE:SOL) headquartered in Shanghai, announced net income for the third quarter of $ 1.49 million or break even per share, compared to income $ 87.45 million or $ 0.41 per share for the year-ago quarter.
Top line figures for the third quarter decreased 48% to $ 18.77 million from $ 36.29 million in the same quarter last year, where as analysts anticipated $ 19.00 million.
Mr. Xianshou Li, CEO, commented, We delivered another quarter of solid performance, as the effort to execute on ReneSolas transformation over the past twelve months continued to yield results. Revenue was once again at the high end of our expectations, and we meaningfully improved both gross and operating margins. Net income for the third quarter grew significantly, despite the sequential revenue decline of more than 30%, as anticipated. These strong results reflect our accelerating business momentum and improving earnings power.