Canadian Solar reports increasing revenue and improved net income significantly in Q2 2019
Post date: 15/08/2019 - 21:02
Canadian Solar Inc.’s net revenue in the second quarter of 2019 was $1,036.3 million, compared to $484.7 million in the first quarter of 2019, and $650.6 million in the second quarter of 2018. The sequential increase was primarily due to higher solar module shipments and higher revenue from the sale of solar power plants. Income from operations was $60.7 million, compared to $6.6 million in the first quarter of 2019, and $53.9 million in the second quarter of 2018. Net income attributable to Canadian Solar (CSI) in the second quarter of 2019 was $62.7 million, compared to net loss of $17.2 million in the first quarter of 2019 and net income of $15.6 million in the second quarter of 2018. Total solar module shipments in the second quarter of 2019 were 2,143 MW, compared to 1,575 MW in the first quarter of 2019 and second quarter 2019 guidance of 1.95 GW to 2.05 GW..
As of July 31, 2019, the company's late-stage, utility-scale solar project pipeline, including those in construction, totaled approximately 3.6 GW, with 1,565 MW in the U.S., 508.2 MW in Brazil, 368 MW in Mexico, 311.8 MW in Japan, 385 MW in China and additional 465.2 MW in total in Australia, Canada, Israel, Taiwan, the Philippines, Malaysia, Italy and South Korea. Canadian Solar has a portfolio of utility-scale, solar power plants in operation totaling 795.8 MW. The company records these power plants on the balance sheet as »project assets« (build to sell), »assets held-for-sale« and »solar power systems« (build to own).
For the third quarter of 2019, the Company expects total solar module shipments to be in the range of 2.2 GW to 2.3 GW. Total revenue for the third quarter is expected to be in the range of $780 million to $810 million. Including the potential sales of a project that may be completed in the third quarter, total revenue is expected to be in the range of $970 million to $1 billion.
For the full year 2019, the Company now raises its guidance for total module shipments to the range of approximately 8.4 GW to 8.5 GW from the previous guidance of 7.4 GW to 7.8 GW. Total revenue for the year is expected to be in the range of $3.5 billion to $3.8 billion
CSI’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 includes primarily the development and sale of solar projects, operating solar power projects and the sale of electricity.