ReneSola has announced its unaudited financial results for the fourth quarter and full year ended December 31, 2014. In the 4Q14, the shipments of both PV modules and wafers increased from the previous quarter yet decreased from the same period of 2013. Although it performed relatively weak yearly, higher shipments in the peak season helped balance the company’s financial results and exceeded its PV module shipment expectation.

"In the fourth quarter of 2014, we exceeded our fourth quarter guidance for shipments and met our gross margin guidance despite continued challenges from the macro economy, including foreign exchange volatility. We also continued to implement our strategy of shifting the focus of our business to retail-oriented and commercial customers with bundled services and downstream projects," said Mr. Xianshou Li, ReneSola's chief executive officer.

Fourth Quarter 2014 Financial and Operating Highlights

• Total solar module shipments were 488.4 megawatts ("MW"), exceeding previous guidance and representing an increase of 5.7% from Q3 2014. Total solar wafer and module shipments in Q4 2014 were 744.3 MW, representing an increase of 12.1% from 663.9 MW in Q3 2014, and a decrease of 5.1% from 784.1 MW in Q4 2013.
• Net revenues were US$387.0 million, representing an increase of 3.9% from US$372.5 million in Q3 2014, and a decrease of 11.8% from US$438.8 million in Q4 2013.
• Gross profit was US$51.2 million with a gross margin of 13.2%, compared to gross profit of US$57.1 million with a gross margin of 15.3% in Q3 2014, and gross profit of US$49.7 million with a gross margin of 11.3% in Q4 2013.
• Operating loss was US$2.2 million with an operating margin of negative 0.6%, compared to an operating income of US$8.5 million with an operating margin of 2.3% in Q3 2014, and an operating income of US$8.8 million with an operating margin of 2% in Q4 2013.
• Net loss attributable to holders of ordinary shares was US$8.1 million, representing basic and diluted loss per share of US$0.04 and basic and diluted loss per American depositary share ("ADS") of US$0.08.
• Cash and cash equivalents plus restricted cash totaled $221.7 million as of the end of Q4 2014, compared to US$196.7 million as of the end of Q3 2014, and US$348.9 million as of the end of Q4 2013.
• Net cash inflow from operating activities was US$48.8 million compared to net cash outflow from operating activities of US$10.7 million in Q3 2014, and net cash outflow from operating activities of US$29.5 million in Q4 2013.

Full Year 2014 Financial and Operating Highlights

• Total solar module shipments were 1,970.3 MW, representing an increase of 14.0% from 1,728.8 MW for full year 2013. Total solar wafer and module shipments were 2,816.4 MW, representing a decrease of 10.5% from 3,146.5 MW for full year 2013.
• Net revenues were US$1,561.5 million, an increase of 2.8% from US$1,519.6 million in 2013.
• Gross profit was US$209.3 million with a gross margin of 13.4%, compared to a gross profit of US$113.1 million with a gross margin of 7.4% in 2013.
• Operating income was US$8.2 million with an operating margin of 0.5%, compared to an operating loss of US$222.1 million with an operating margin of negative 14.6% in 2013.
• Net loss attributable to holders of ordinary shares was US$33.6 million, representing basic and diluted loss per share of US$0.17 and basic and diluted loss per ADS of US$0.33.
• Net cash outflow from operating activities was US$114.8 million, compared to net cash inflow from operating activities of US$118.6 million in 2013.