Canadian Solar reports declining revenues and income in Q3 2019

Canadian Solar Inc. achieved net revenue in the third quarter of 2019 of $759.9 million, compared to $1.0 billion in the second quarter of 2019, and $768.0 million in the third quarter of 2018. The sequential decline primarily reflects the lower revenue from the sale of solar power plants, says the company. Gross profit was $198.9 million, compared to $182.6 million in the second quarter of 2019 and $200.4 million in the third quarter of 2018.
Income from operations in the third quarter of 2019 was $80.1 million, compared to $60.7 million in the second quarter of 2019, and $95.9 million in the third quarter of 2018. Net income attributable to Canadian Solar in the third quarter of 2019 was $58.3 million, compared to net income of $62.7 million in the second quarter of 2019 and net income of $66.5 million in the third quarter of 2018.
Total solar module shipments were 2,387 MW, compared to 2,143 MW in the second quarter of 2019 and third quarter 2019 guidance of 2.2 GW to 2.3 GW.
The company's Module and System Solutions (MSS) business comprises primarily the design, development, manufacture and sale of solar modules, other solar power products and solar system kits. The MSS business also provides engineering, procurement and construction (EPC) and operating and maintenance (O&M) services. The company's Energy business comprises primarily the development and sale of solar projects, operating solar power projects and the sale of electricity.
© PHOTON

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