ReneSola Ltd. (NYSE:SOL) Q4 2018 Earnings Conference Call Transcript
Apr 08, 2019 • 08:30 am ET
Ladies and gentlemen, thank you for standing by for the ReneSola Fourth Quarter and Full Year 2018 Earnings Conference Call. Please note that we are recording today's conference call.
I will now turn over the call to Mr. Gary Dvorchak, Managing Director of The Blueshirt Group Asia. Please go ahead, Mr. Dvorchak.
Thank you, operator; and hello, everyone. Thank you for joining us on this conference call to discuss ReneSola's fourth quarter and full year 2018 results. We distributed the press release earlier today. It is available on the company's website and from Newswire services. Furthermore, this call includes a short presentation deck, which you can also download from our website at renesolapower.com.
On the call with me today are Mr. Xianshou Li, Chief Executive Officer; Mr. Xiaoliang Liang, Chief Financial Officer; Mr. Doran Hole, Group Vice President of Strategy; Mrs. Jessie Zhang, Director of Financial Reporting; and Ms. Ella Li, Investor Relations Manager. Ella will read Ms. Li's prepared remarks regarding ReneSola's operating highlights and Mr. Liang will then review our fourth quarter and full year financial results.
Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, as shown on Slide 2. Forward-looking statements involve inherent risks, uncertainties, such that company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the company's annual report on Form 20-F and other documents filed with the US SEC. ReneSola does not assume any obligation to update any forward-looking information.
Please note that unless otherwise stated, all figures mentioned during the conference call are in US dollars.
With that, let me now turn the call over to Ella, who will translate Mr. Li's prepared remarks. Ella?
Thank you, Gary. The following are Mr. Li's prepared remarks. Thank you, everyone, for joining our call this morning. We appreciate your interest in ReneSola. To get started, I will provide a summary of our fourth quarter financial performance and review our operating highlights. I will then turn the call to our CFO, Xiaoliang Liang, who will cover financial results for the fourth quarter and full year 2018 and provide guidance for 2019. We will then open the call to questions.
I am pleased with our 2018 results. The solid financial and operating results reflect our business momentum and the continued execution of the company's transformation to a pure-play global solar project developer.
Where revenue for the year 2018 declined 6% year-over-year, we meaningfully improved profitability. Operating profit more than doubled and the net profit grew 59% year-over-year. Additionally, we maintained a healthy balance sheet, providing the financial flexibility to drive growth.
Operationally, we connected 27.2 megawatts of DG projects in China, 58.4 megawatts of DG projects in Europe, and 6.8 megawatts of solar power projects in the US. During the year, we increased our global late-stage pipeline by 41% to 772.5 megawatts. And our overall