March 6, 2014
GUELPH, Ontario, March 5, 2014 /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 fourth quarter and full year ended December 31, 2013.
Fourth Quarter 2013 Highlights
Solar module shipments were 621 MW, compared to 478 MW in the third quarter of 2013.
Net revenue was $519.5 million, compared to $490.9 million in the third quarter of 2013.
Net revenue from the total solutions business was 23.4% of total net revenue, compared to 41.1% in the third quarter of 2013.
Gross margin was 19.5%, compared to 20.4% in the third quarter of 2013.
Diluted earnings per share was $0.39, compared to diluted earnings per share of $0.56 in the third quarter of 2013.
Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $679.4 million, compared to $681.7 million at the end of the third quarter of 2013.
Cash flow from operations was approximately $73.2 million, compared to $152.0 million in the third quarter of 2013.
Closed the sale of one solar power plant in Ontario, Canada valued at over C$61 million to TransCanada Corporation (TSX, NYSE: TRP) (“TransCanada”).
Increased the total late-stage solar project pipeline to approximately 1.3 GW, with geographic diversification in Canada, Japan, the U.S. and China.
Full Year 2013 Highlights
Solar module shipments were 1,894 MW, compared to 1,543 MW in 2012.
Net revenue was $1,654.4 million, compared to $1,294.8 million in 2012.
Net revenue from the total solutions business was 28.6% of total net revenue, compared to 11.5% in 2012.
Diluted earnings per share was $0.63, compared to diluted loss per share of $4.53 in 2012.
Cash flow from operations was approximately $229.5 million, compared to negative $147.8 million in 2012.
Fourth Quarter 2013 Results
Net revenue for the fourth quarter of 2013 was $519.5 million, up 5.8% from $490.9 million in the third quarter of 2013 and up 76.2% from $294.8 million in the fourth quarter of 2012. Total solar module shipments in the fourth quarter of 2013 were 621 MW, compared to 478 MW in the third quarter of 2013 and 404 MW in the fourth quarter of 2012. Solar module shipments to the Chinese market represented 42.9% of total shipments in the fourth quarter of 2013, compared to less than 1% in the third quarter of 2013, and 9.9% in the fourth quarter of 2012. Solar module shipments to the Japanese market represented 19.7% of total shipments in the fourth quarter of 2013, compared to 29.5% in the third quarter of 2013 and 11.7% in the fourth quarter of 2012. Solar module shipments in the fourth quarter of 2013 included 41 MW used in the Company’s total solutions business, compared to 60 MW in the third quarter of 2013 and 16 MW in the fourth quarter of 2012.
By geography, in the fourth quarter of 2013, sales to the European markets represented 5.5% of net revenue, sales to the Americas represented 32.1% of net revenue, and sales to Asia and all other markets represented 62.4% of net revenue, compared to 9.5%, 46.9% and 43.6%, respectively, in the third quarter of 2013 and 40.6%, 20.0% and 39.4%, respectively, in the fourth quarter of 2012.