Canadian Solar announced decreasing revenue and increasing income yoy
Post date: 15/11/2018 - 20:42
The Canadian Solar Inc. announced its financial results for the third quarter of 2018 ended September 30, 2018. Net revenue was $768 million, up 18 percent from $650.6 million in the second quarter of 2018 and down 15.8 percent from $912.2 million in the third quarter of 2017. Net revenue from the company's modules and systems solutions (MSS) business was $512.3 million, and was $255.7 million from the company's Energy business. Gross profit in the third quarter of 2018 was $200.4 million, compared to $159.4 million in the second quarter of 2018 and $159.8 million in the third quarter of 2017.
Regarding the nine month ended September 30, 2028, net revenue was $2.843 million (Q1 to Q3 2017: $2.281 million), gross profit was $503 million ($419 million).
Net income in the third quarter increased significantly to $68.7 million ($13.5 million), and increased in the past nine month to $128 million compared with $40.2 million in the same period 2017.
Total solar module shipments were 1,590 MW, compared to 1,700 MW in the second quarter of 2018, and third quarter of 2018 guidance in the range of 1,500 MW to 1,600 MW. Total solar module shipments in the third quarter included 180 MW shipped to the company's projects.
For the fourth quarter of 2018, the company expects total solar module shipments to be in the range of 1.67 GW to 1.72 GW. Total revenue for the fourth quarter of 2018 is expected to be in the range of $690 million to $800 million, which would imply total revenue for the full year 2018 in the range of $3.53 billion to $3.64 billion.