NEW YORK (TheStreet) -- Hanhwa SolarOne (HSOL) popped 13.5% to $3.70, up 44 cents from its previous close of $3.26, at the close of the trading day on Thursday after the company, which manufactures photovoltaic cells and panels, reported a narrower fourth-quarter net loss compared to last year.
Hanwha's net loss narrowed to $3.6 million, or 4 cents per American Depositary Share (ADS), compared to $107.6 million, or $1.27 per ADS, in the same period one year earlier. Net revenue soared 60% year over year to $213.9 million.
Panel shipments surged 77% to 352.2 megawatts, but shipments in the first quarter should remain flat due to seasonal weakness in China and North America. The company expects to ship 1.5-1.6 gigawatts of panels in 2014, up from 1.3 gigawatts last year. Hanhwa SolarOne expects gross margins in the range of 15% to 20%.
Gross margin was 14.1% in the fourth quarter, up from -31.3% in the same period one year earlier thanks to greater panel prices and reduced costs.
The stock had a volume of 11,638,075, nearly six times its average of 1,999,810. It hit a high of $4.23 and a low of $3.57 for the day. The stock holds a one-year high of $5.70 and a one-year low of 86 cents.
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TheStreet Ratings team rates HANWHA SOLARONE CO LTD as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: