ReneSola (NYSE: SOL) reported Q1 EPS of $0.01, in-line with the analyst estimate of $0.01. Revenue for the quarter came in at $44.8 million versus the consensus estimate of $29.8 million.

Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented, "We started 2018 with solid performance across our business as a result of continued strong execution of our strategy. First quarter revenue exceeded our expectations and operating margin expanded significantly from the fourth quarter of 2017, resulting in a sequential increase in net income of over 200%."

Li continued, "Our overall global project pipeline remains solid at around 1.1 GW. In the first quarter, we successfully installed 6.3 MW of rooftop projects in China and 6.8 MW of ground-mount projects in North Carolina. As we look to the remainder of 2018, we remain optimistic about the business opportunities across different geographies. In addition, the fundamentals for our project business have significantly improved over the last few quarters, and we will maintain our commitment to growing profitably, managing our operations and strengthening our financial position."

Outlook

For the second quarter of 2018, the Company\'s project business is expected to generate revenue in the range of $20 to $30 million and overall gross margin in the range of 20% to 25%. During the second quarter of 2018, the Company expects to connect 15 MW to 20 MW of DG projects in China, and to monetize 6.8 MW projects in international markets.

For 2018, the Company expects to generate revenue in the range of $130 to $140 million with overall gross margin in the range of 20 to 25%. The Company intends to connect 100 MW to 150 MW of DG projects in China, and to monetize 80 MW to 100 MW projects in international markets.

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