JIASHAN, China — ReneSola Ltd (www.renesola.us) (NYSE: SOL), a leading brand and technology provider of energy-efficient products, announced its unaudited financial results for the first quarter ending March 31, 2015.
Net revenues were US$349.0 million, representing a decrease of 9.8% from US$387.0 million in Q4 2014, and a decrease of 15.9% from US$415.0 million in Q1 2014. Gross profit was US$36.7 million with a gross margin of 10.5%, compared to gross profit of US$51.2 million with a gross margin of 13.2% in Q4 2014, and gross profit of US$44.0 million with a gross margin of 10.6% in Q1 2014.
Daniel K. Lee, ReneSola’s chief financial officer, said, “We continue to focus on actively managing our balance sheet. In Q1 we substantially reduced our inventory by $88.8 million as well as our long-term liabilities, reducing our convertible notes by $31.7 million.”
LED Lighting Expansion in North America
In the North American market, ReneSola launched its T8 LED replacement series products, which commercial lighting clients can use to replace traditional fluorescent tubes. The T8 LED series can work with magnetic and electronic ballast and access the electricity power supply directly, which eliminates the need for clients to change wires in old fixtures. The T8 LED series is compatible with most traditional electronic ballast systems in the North American market. The T8 LED series comes with a 5-year warranty and with features including convenient installation, quick start-up, good heat dissipation, high efficiency, and low power consumption with more stable performance.
In February 2015, the Company announced the expansion of its new LED lighting solutions division in the U.S. The Company’s sales and logistics network was expanded to 25 states with further expansion planned in 2015.
LED sales and technical specialists work closely with the Company’s rapidly growing electrical distribution customer base, to supply high-quality LED products and services across the country.
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