Canadian Solar’s full-year revenue slightly exceeds expectations

March 26 (Renewables Now) – Canadian Solar Inc (NASDAQ:CSIQ) today reported full-year net revenue and total module shipments that are slightly above the higher ends of the company’s previously announced projections for 2019.

Net revenue fell to USD 3.2 billion (EUR 2.91bn) from USD 3.74 billion a year earlier but was still above the guidance range of USD 3.13 billion-3.16 billion. Total module shipments rose to 8.6 GW in 2019 from 6.6 GW in 2018 and beat the forecast range of 8.4 GW-8.5 GW.

In the fourth quarter alone, the company shipped a total of 2.5 GW of modules against expectations for 2.3 GW-2.4 GW. For comparison, its total module shipments in the third quarter amounted to 2.4 GW.

Canadian Solar noted that when it comes to revenue its top five markets in October-December 2019 were the US, Brazil, China, Japan and Australia. The ranking for the full year was: Brazil, the US, Australia, Japan and China.

The table below shows more information about Canadian Solar’s financial results.

Figures in USD, except percentages Q4 2019 Q4 2018 2019 2018
Net revenues 919.7m 901m 3.2bn 3.74bn
Gross margin (%) 25% 30.1%
Total operating expenses 118m 134.7m 459.6m 410.4m
Income from operations 111.4m 136.6m 258.9m 364.7m
Net profit (loss) 67.9m 114.1m 166.6m 242.4m
Attributable net profit (loss) 67.7m 111.6m 171.6m 237.1m

For the first quarter of 2020, Canadian Solar forecasts total module shipments in the range of 2.15 GW to 2.25 GW, including some 250 MW to own projects. The company sees Q1 2020 revenue at between USD 780 million and USD 810 million, with gross margin of 26%-28%.

For the full 2020, the company guides for 10 GW-12 GW of total module shipments and total revenue of between USD 3.4 billion and USD 3.9 billion. The outlook, however, is subject to uncertainty with respect to factors such as final customer demand and project construction and sale schedules, as well as the impact of the coronavirus COVID-19 pandemic.

“We were experiencing strong demand across all regions until the past few days, as we started to see some delays and weakening demand. Our current guidance incorporates the estimated impact to the best of our knowledge today, but the situation is fluid and we are closely monitoring and analyzing market conditions,” stated acting CEO Yan Zhuang.

(USD 1.0 = EUR 0.909)

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