U.S. News

ReneSola returns to profitability in first quarter


Chinese solar wafer maker ReneSola said Monday that it returned to profitability in the first quarter on the back of record solar product shipments.

ReneSola said it had net income of $11.8 million, or 7 cents per share, for the quarter ended March 31, after a net loss of $30 million, or 22 cents per share, in the year-ago period.

Revenue nearly doubled to $207 million in the quarter from $107 million in the year-ago period.

The company said it had record product shipments of 242.4 megawatts in the quarter, more than double the 90.4 megawatts shipped in the first quarter of 2009.

Analysts surveyed by Thomson Reuters expected net income of 9 cents per share on revenue of $189 million.

ReneSola shares 55 cents, or 8.3 percent, to $7.16 in trading Monday afternoon.