Net revenue during fourth quarter of 2010 rose 7.7% from third quarter of 2010. Net income came in at $61 million against a loss of $28.1 million in the same quarter last year.
Actual sales and earnings recorded for the fourth quarter were higher than analysts' estimates."Our strategic execution in 2010 generated strong operating cash flows and prudent capital expenditures that have significantly improved our balance sheet. Our net debt-to-equity ratio has been reduced to 33.8% in 2010 from 104.9% in 2009, positioning us well as we look to capture market share through capacity expansions. In addition to record revenues of US$1.2 billion and record shipments of 1.2 GW, we achieved impressive gross and operating margins of 28.9% and 20.4%, respectively, for the full year 2010," said Julia Xu, ReneSola's CFO. The company managed to secure 20 long-term contracts in 2010, representing about 1.3 GW of expected wafer sales in 2011. Total solar wafer and module shipments for full-year 2010 were at a record 1.18 GW. Analysts have buy ratings of 80% and expect the stock to deliver 74% return in the next one year. The stock is trading at 4.2 times its estimated 2011 earnings. >>To see these stocks in action, visit the 10 Solar Stocks Analysts Favor portfolio on Stockpickr.