Canadian Solar Inc. (Guelph, Ontario) on May 7th, 2015 announced its financial results for the first quarter ended March 31st. Total solar photovoltaic (PV) module shipments were 1.23 GW, of which 1.03 GW was recognized in revenue, compared to 897 MW recognized in revenue in the fourth quarter of 2014, and first quarter guidance in the range of 1.0 GW to 1.03 GW.
Net revenue was USD 860.9 million, compared to USD 956.2 million in the fourth quarter of 2014 and first quarter guidance in the range of USD 725 million to USD 775 million.
“2015 started out strong for Canadian Solar, with both solar module shipments and revenue coming in ahead of our first quarter guidance,” comments Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
Net revenue from the total solutions business as a percentage of total net revenue was 35.9% compared to 51.7% in the fourth quarter of 2014. Gross margin was 17.8%, compared to 19.3% in the fourth quarter of 2014 and first quarter guidance in the range of 16% to 18%.
“We have set a new record in quarter MW shipment, aided by strong demand in Japan, China, Europe and Latin America,” Dr. Qu emphasizes.
“We further consolidated our position as a Tier 1 global leader in the project development space with the close of our Recurrent Energy acquisition at the end of March. This acquisition immediately expanded our total project pipeline to 8.5 GW, with approximately 2.4 GW of late-stage projects.”
During the quarter, the Company closed the sale of three solar power plants in Canada, and connected four solar power plants to the grid in the United Kingdom.
Recurrent Energy acquisition expands project pipeline to 8.5 GW
At the end of the quarter, the Company completed the acquisition of Recurrent Energy, LLP (“Recurrent”) from Sharp Corporation, expanding its project pipeline to 8.5 GW.
Candian Solar continues to pursue our YieldCo strategy
“Along with the Recurrent project pipeline, we have also acquired a highly motivated group of employees with a long history of successful project development, financing, engineering, construction and sales. All of this provides momentum as we continue to pursue our YieldCo strategy to build value for Canadian Solar and our shareholders,” Dr. Qu notes.
Q2 guidance includes module shipments of approximately 950 MW to 1,000 MW
For the second quarter of 2015, the Company expects total module shipments to be in the range of approximately 950 MW to 1,000 MW, including approximately 165 MW of shipments to the Company's utility-scale solar projects that will not be recognized in second quarter 2015 revenue.
Total revenue for the second quarter of 2015 is expected to be in the range of USD 570 million to USD 620 million, with gross margin expected to be between 13.0% and 15.0%.
2015-05-07 | Courtesy: Canadian Solar Inc. | solarserver.com © Heindl Server GmbH
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