Canadian Solar projects up to USD 810m in Q3 revenue

Aug 13, 2014 - Canadian Solar Inc (NASDAQ:CSIQ) said today it expects to generate revenue of between USD 760 million (EUR 567m) and USD 810 million in the third quarter of 2014.

This compares to the solar power company’s just-reported April-June revenue of USD 623.8 million, which was up by 64% on the year.

"We expect Japan, Canada, China, Europe and the US, among others, to remain healthy markets for us through the end of 2014 and beyond,” chairman and CEO Shawn Qu said in a press release. The company manufactures solar photovoltaic (PV) modules both in Canada and China. It is also engaged in the construction and operation of solar parks.

Gross margin is expected to further improve in the third quarter to between 19% and 21%. It rose to 19% in the second quarter from 12.8% a year back as a result of the implementation of Canadian Solar’s total solutions business strategy and due to higher module average selling prices (ASP) and shipment volumes.

The company forecasts total module shipments to range from 720 MW to 750 MW in the third quarter. During the three months to June 30, 2014, module shipments jumped to 646 MW from 455 MW, surpassing projections for 600 MW to 630 MW.

Canadian Solar noted its third-quarter guidance takes into consideration revenue recognition from the sale of at least four utility-scale power projects in Canada that are yet to be completed. There have been certain project delays so it warned that the actual results may differ from the projections.

(USD 1.0 = EUR 0.747)

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