Canadian Solar decreased revenue and net income in 2016
Post date: 21/03/2017 - 18:55
Canadian-Chinese solar company Canadian Solar Inc. achieved net revenue in the fourth quarter of 2016 was $668.4 million, up 1.7 percent from $657.3 million in the third quarter of 2016 and down 40.3 percent from $1,120.3 million in the fourth quarter of 2015. Net loss attributable to Canadian Solar was $13.3 million compared to net income of $15.6 million in the third quarter of 2016 and net income of $62.3 million in the fourth quarter of 2015.
Total solar module shipments in the fourth quarter were 1,612 MW, of which 1,581 MW were recognized in revenue, compared to 1,161 MW recognized in revenue in the third quarter of 2016 and 1,398 MW recognized in revenue in the fourth quarter of 2015.
Regarding the full year 2016 total solar module shipments were 5,232 MW in 2016, compared to 4,706 MW in 2015. Net revenue was $2.85 billion, compared to $3.47 billion in 2015. Net income attributable to Canadian Solar was $65.2 million compared to $171.9 million in 2015.
As of February 28, 2017, the company's late-stage solar project pipeline, including those in construction, totaled approximately 2.1 GW, which included 538.5 MW in Japan, 401 MW in the U.S., 400 MW in China, 399 MW in Brazil, 132 MW in India, 118 MW in Australia, 68 MW in Mexico, 26 MW in the United Kingdom and 6 MW in Africa.
In addition to its late stage, utilityscale solar project pipeline the company had a portfolio of solar power plants in operation totaling 1,195.5 MW (including USA 808 MW, Japan 59.9 MW, UK 125 MW, China 198 MW).
Canadian Solar plans to increase its ingot manufacturing capacity to 1.7 GW by December 31, 2017 in order to reduce the purchase cost of ingots and thus reduce its all-in module manufacturing costs. The wafer manufacturing capacity is expected to reach 4.0 GW and the cell manufacturing capacity is expected to reach 4.49 GW by June 30, 2017. The company expects that its total worldwide internal module capacity will reach approximately 7.0 GW by June 30, 2017.
For the first quarter of 2017, the company expects total solar module shipments to be in the range of approximately 1.15 GW to 1.2 GW. Total revenue for the first quarter of 2017 is expected to be in the range of $570 million to $590 million.
For the full year 2017, the company expects total module shipments to be in the range of approximately 6.5 GW to 7.0 GW. The company expects to connect approximately 1 GW to 1.2 GW of new solar projects globally in 2017, located in the U.S., Japan, China, UK, India, Brazil and Africa. Total revenue for the full year 2017 is expected to be in the range of $4.0 billion to $4.2 billion.