NEW YORK (AP) -- ReneSola said Thursday that its first-quarter loss narrowed, helped by lower operating expenses and higher solar module shipments.
The Chinese solar panel maker cautioned however that an ongoing imbalance between supply and demand and competitive pricing is pressuring its business and the sector.
Its shares dropped in afternoon trading.
For the three months ended March 31, ReneSola lost $39 million, or 23 cents per American depositary share. A year earlier the company lost $40.2 million, or 23 cents per ADS.
Total operating expenses fell to $27.8 million from $29.8 million.
Revenue increased 34 percent to $284.2 million.
Solar module shipments jumped to 326.6 megawatts in the quarter, up sharply from 90.9 MW in the prior-year period. Total solar wafer and module shipments rose to 662.1 MW from 466 MW.
Wafer shipments fell to 335.5 MW from 375.1 MW. ReneSola Ltd. said lower wafer sales were due to additional wafers being used to make its branded modules.
Looking ahead the company expects second-quarter revenue of $310 million to $330 million. The company expects solar wafer and module shipments between 700 MW and 720 MW, with solar module shipments in a range of 400 MW to 420 MW.
Full-year solar wafer and module shipments are forecast to be between 2.7 gigawatts and 2.9 GW, with solar module shipments of 1.4GW to 1.6GW.
ReneSola shares fell 24 cents, or 10.9 percent, to $1.97. The stock has traded between $1.08 and $2.85 over the past year.