Canadian Solar reported increasing module shipments by 22 percent in Q3 2021

Canadian Solar Inc. announced 3.87 GW total module shipments in the third quarter of 2021, a 22 percent year over year increase and six percent quarter over quarter increase (Q2 2021: 3.66 GW).
The group's net revenue was $1.22 billion compared to $0.91 billion in the same quarter of 2020. Net income attributable to Canadian Solar in the third quarter of 2021 was $35 million, a significant increase compared to $8.8 million in Q3 2020.
Regarding the first nine month, net revenue was $3.74 billion compared to $2.43 billion in the same period of the previous year. Net income attributable to Canadian Solar was $69 million compared to $140 million in 9M 2020.
As of September 30, 2021, the company's total project pipeline was 23.8 GW, including 1.6 GW under construction, 5.0 GW of backlog, and 17.2 GW of earlier stage pipeline. This includes 2.9 GWh battery storage projects under construction and 21 GWh of total storage development pipeline.
For the fourth quarter of 2021, the company expects total module shipments to be in the range of 3.7 GW to 3.9 GW and total revenues of $1.5 billion to $1.6 billion.
For the full year of 2021, battery storage shipments, accounted in CSI Solar, are expected to be in the range of 840 MWh to 860 MWh and project sales to be 1.5 GW to 2.1 GW, »reflecting the timing of certain project sales which could be recognized either in the fourth quarter of 2021 or first quarter of 2022.«
For the full year of 2022, the company expects total module shipments of 20 GW to 22 GW, battery storage shipments of 1.4 GWh to 1.5 GWh, and total project sales of 2.4 GW to 2.9 GW. Canadian Solar targets revenue for the full year of 2022 of $6.5 billion to $7.0 billion.
© PHOTON

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