Sales and earnings for 2010 fourth quarter topped analysts' estimates. Net revenue rose 7.7% from third quarter of 2010. Net income came in at $61 million as against a loss of $28.1 million in the same quarter last year.
As regards the business performance, Julia Xu, ReneSola's CFO, said in a press statement, "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".Total solar wafer and module shipments for full year 2010 were a record 1.18 GW. The company managed to secure 20 long-term contracts in 2010, representing about 1.3 GW of expected wafer sales in 2011. The stock has analysts' buy ratings of 77% and is expected to deliver 40% over the next one year. The stock is trading at 4.7 times its estimated 2011 earnings.