Canadian Solar net profit surges by 276% in Q3 2014
Author: University of Salford Press Office. License: Creative Commons, Attribution 2.0 Generic
Nov 12, 2014 - Canadian Solar Inc (NASDAQ:CSIQ) today said its attributable net profit for the third quarter of 2014 has jumped by 276.2% on the year to USD 104.2 million (EUR 83.8m), as revenues rose.
The company manufactures solar photovoltaic (PV) modules both in Canada and China and is also engaged in the construction and operation of solar parks. "We are on-track to deliver the best year in the history of Canadian Solar, in terms of revenue and profitability and MW shipment,” chairman and CEO Shawn Qu said while commenting on the results.
The firm’s gross margin climbed to 22.9% from 19% during the second quarter of the year, exceeding Canadian Solar’s projections for 19%-21% range. This comes as a result of the sale of five Canadian projects, better than expected module selling prices and the fact that the company is operating near full capacity.
Third-quarter net revenues almost doubled to USD 914.4 million from USD 490.9 million in 2013, as total solar module shipments jumped to 770 MW from 478 MW. The company had previously projected shipments of between 720 MW and 750 MW for the July-September period.
Asia and other markets
During the first nine months of the year, the company saw its attributable net profit balloon to USD 163.8 million from USD 10.7 million in the corresponding period of 2013. Revenues also soared to USD 2 billion, compared to the USD-1.13-billion result a year back.