Canadian Solar Reports Profit in Q3

ST_SolarAtWork-skyscraperGUELPH, Ontario, Nov. 13, 2013 /PRNewswire-FirstCall/ – Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced its financial results for the third quarter endedSeptember 30, 2013.

Third Quarter 2013 Highlights

  • Solar module shipments were 478 MW, compared to 455 MW in the second quarter of 2013.
  • Net revenue was $490.9 million, compared to $380.4 million in the second quarter of 2013.
  • Net revenue from the total solutions business was 41.1% of total net revenue, compared to 25.7% in the second quarter of 2013.
  • Gross margin was 20.4%, compared to 12.8% in the second quarter of 2013.
  • Diluted earnings per share was $0.56, compared to diluted loss per share of $0.29 in the second quarter of 2013.
  • Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $681.7 million, compared to $540.6 million at the end of the second quarter of 2013.
  • Positive cash flow from operations was $152.0 million, compared to $40.7 million in the second quarter of 2013.
  • Closed the sale of two solar power plants in Ontario, Canada valued at over C$95 million to TransCanada Corporation (TSX, NYSE: TRP) (“TransCanada”).
  • Entered an agreement to sell two solar power plants in Ontario, Canada to a fund managed by BlackRock (“BlackRock”).
  • Increased the total late-stage solar project pipeline to approximately 1,015 MW, with geographic diversification in Canada,Japan, the U.S. and China.

 

Third Quarter 2013 Results

Net revenue for the third quarter of 2013 was $490.9 million, up 29.1% from $380.4 million in the second quarter of 2013 and up 50.6% from $326.0 million in the third quarter of 2012. Total solar module shipments in the third quarter of 2013 were 478 MW, compared to 455 MW in the second quarter of 2013 and 384 MW in the third quarter of 2012. Solar module shipments to the Japanese market represented 29.5% of total shipments in the third quarter of 2013, compared to 35.7% in the second quarter of 2013 and 5.7% in the third quarter of 2012. Solar module shipments in the third quarter of 2013 included 60 MW used in the Company’s total solutions business, compared to 35 MW in the second quarter of 2013 and 21 MW in the third quarter of 2012.

By geography, in the third quarter of 2013, sales to European markets represented 9.5% of net revenue, sales to America represented 46.9% of net revenue, and sales to Asia and all other markets represented 43.6% of net revenue, compared to 10.6%, 37.8% and 51.6%, respectively, in the second quarter of 2013 and 47.9%, 24.9% and 27.2%, respectively, in the third quarter of 2012.

Further info: http://investors.canadiansolar.com/phoenix.zhtml?c=196781&p=irol-newsArticle&ID=1875733&highlight=

 

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