UPDATE 1-ReneSola posts first profit in 10 quarters, shares jump

Mon Mar 24, 2014 9:23am EDT

* Fourth-qtr revenue rises 43 pct to $438.8 mln

* Profit $0.01 per ADS vs. loss $1.03 a year earlier

* Shares rise as much as 10 pct (Adds details from the press release)

March 24 (Reuters) - Chinese solar products maker ReneSola Ltd posted its first profit in 10 quarters in the three months ended Dec. 31 and forecast higher module shipments for 2014, sending its shares up nearly 10 percent before the bell.

The company forecast module shipments of 2.3-2.5 gigawatts (GW) in 2014, above the 1.73 shipped in 2013.

ReneSola said it expected first-quarter module shipments of 500-520 MW, up from 326.6 MW year earlier.

Shipments of modules shot up 58 percent to 505.3 MW in the fourth quarter, helped by rise in demand in China.

The company reported a fourth-quarter net profit attributable to shareholders of $800,000, or 1 cent per American depositary share (ADS), compared with a loss of $88.9 million, or $1.03 per ADS, a year earlier.

Revenue rose about 43 percent to $438.8 million.

A recovery in solar panel prices after a four-year slump has helped most solar companies post profits in recent quarters.

ReneSola shares were up 8.5 percent at $4.20 at 0920 ET. (Reporting by Anannya Pramanick in Bangalore; Editing by Kirti Pandey and Ted Kerr)