Total solar wafer and module shipments in first-quarter 2012 were 466MW,exceeding the firm's guidance and representing an increase of 37.1%from 339.9MW in fourth-quarter 2011 and an increase of 41%on year.The sequential increase in solar product shipments was the result of strong demand from European markets,particularly Germany,according to Renesola.
First-quarter 2012 net revenues were US$211.5 million,representing a sequential increase of 12.7%but an on-year decrease of 41.1%.The firm noted that despite increase in shipments,the average selling price(ASP)of solar wafers and modules declined to US$0.33/W and US$0.84/W respectively.
The gross losses in first-quarter 2012 were US$8 million with a gross margin of negative 3.8%,which included a US$12.2 million write-down for inventory,compared to a gross loss of US$43.4 million with a gross margin of negative 23.1%in the previous quarter.Renesola stated that the sequential decrease in gross loss was primarily due to lower costs and improved margins on the firm's solar products,offset by an inventory write-down of US$12.2 million,primarily as a result of the decline in the price of polysilicon.
The firm reported first-quarter 2012 net losses were US$40.2 million.
For business outlooks,Renesola expects total solar wafer and module shipments to be in the range of 460-480MW,with module shipments of 150-170MW,and revenues to be in the range of US$200-220 million with positive gross margins for second-quarter 2012.
For the full year 2012,the company's outlook is unchanged,with total solar wafer and module shipments expected to be in the range of 1.8GW to 2.0GW.
Renesola sees 1Q12 revenues up on quarterPhoto:Digitimes file photo
