Canadian Solar announced significantly shrinking net income in Q1 yoy

Canadian Solar Inc. announced 3.1 GW of total module shipments in the first quarter of 2021, a 42 percent year-over-year (yoy) increase and 5 percent quarter-over-quarter (qoq) increase. Net revenue grew by 32 percent yoy and 5 percent qoq to $1,089 million. According to the company, the sequential increase was driven »by higher project sales in Japan and the United States, and a higher module average selling price.« Net income attributable to Canadian Solar in the first quarter of 2021 was $23 million, compared to net income of $7 million in the fourth quarter of 2020 and $111 million in Q1 2020.
Canadian Solar currently manages over 2 GW of operational projects under long-term O&M agreements, and an additional 2 GW of contracted projects that will be operated and maintained by the company once they are placed in operation. Target is to reach 11 GW of projects under O&M agreements by 2025.
As March 31, 2021, the company's total project pipeline was 20.8 GW, including 1.8 GW under construction, 3.7 GW of backlog, and 15.4 GW of earlier stage pipeline. Over 90 percent of projects in backlog are contracted (PPA or FIT), and the remaining are reasonably assured of securing PPA. Solar power plants in operation totaled 477 MW.
For the second quarter of 2021, the management expects total module shipments to be in the range of 3.5 GW to 3.7 GW. Total revenues are expected to be in the range of $1.4 billion to $1.5 billion.
The company reiterates full year 2021 total module shipment guidance of 18 GW to 20 GW. Canadian Solar introduces 2021 total battery storage shipment guidance of 810 MWh to 860 MWh. Total revenue guidance for 2021 remains unchanged, expected to be in the range of $5.6 billion to $6.0 billion.

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