Canadian Solar reports 2020 annual revenue grew by 9 percent to $3.4 billion

Canadian Solar Inc. announced solar module shipments of 2,998 MW in the fourth quarter of 2020 (guidance range was 2.9 GW to 3.0 GW), an increase of 22 percent year-over-year and a decrease of 5 percent quarter-over-quarter. Of the total, 359 MW was shipped to the company's own utility-scale solar power projects.
Sequential revenue growth was 14 percent to $1,041 million (Q4 2019: $919 million), exceeding the guidance range of $980 million to $1,015 million. The increase was driven by higher project sales spanning the United States, Mexico, Japan, Canada and Italy, and a slightly higher module average selling price (ASP), which was partly offset by lower module shipments. Net income attributable to Canadian Solar in the fourth quarter of 2020 was $6.71 million, compared to net income of $8.8 million in the prior quarter (Q4 2019: $67 million).
Regarding the year 2020, Canadian Solar Inc. reports 32 percent annual growth in total module shipments to 11.3 GW, in line with guidance. Annual revenue grew by 9 percent to $3.47 billion (2019: $3.2 billion), achieving over $1 billion in revenue alone in Q4. Net income attributable to Canadian Solar was $147 million (2019: $171 million).
The solar project pipeline stood at 20 GW at the end of 2020. The total solar battery storage project pipeline is 9 GW.
In July 2020, the Company announced its plan to carve-out and publicly list its Module and System Solutions (MSS) subsidiary, CSI Solar Co., Ltd. in China. In preparation for the listing, the company completed the restructuring of its business segments during the fourth quarter of 2020. As of December 31, 2020, Canadian Solar owned 80 percent of CSI Solar, with the remaining 20 percent owned by strategic investors who purchased CSI Solar shares during the pre-IPO transaction.
For the first quarter of 2021, the company expects total module shipments to be in the range of 3.0 GW to 3.2 GW, including approximately 300 MW of module shipments to the Company's own projects. Total revenues are expected to be in the range of $1.0 billion to $1.1 billion. The company aims to expand its manufacturing capacities: ingot from 2.1 GW to 10 GW at the end of the year, wafer from 6.3 GW to 11.3 GW, cell from currently 9.6 GW to 18.2 GW and module manufacturing capacity of 16.1 GW shall reach 25.7 GW at the years end.

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