Canadian Solar raises 2014 shipments guidance after strong Q3

Nov 12, 2014 - Canadian Solar Inc (NASDAQ:CSIQ) said today it expects to ship between 810 MW and 860 MW of its modules during the fourth quarter of 2014, thus upgrading its full-year forecasts to up to 2.78 GW.

"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.

In the third quarter of the year,the company's attributable net profit jumped by 276.2% on the year to USD 104.2 million (EUR 83.8m) and revenues almost doubled to USD 914.4 million from USD 490.9 million. With that significant improvement, Canadian Solar not only increased its shipment expectations, but its revenue projections, as well.

Full-2014 forecasts	Updated	Previous
Module shipments	2.73 GW - 2.78 GW	2.5 GW - 2.7 GW
Revenues (in USD)	2.93 billion to 2.98 billion	2.7 billion to 2.9 billion

Meanwhile, the firm also gave ambitious forecasts for the last quarter of the year.


	Q4 2014 guidance	Q3 2014 result
Module Shipments	810 MW to 860 MW	770 MW
Revenues (in USD)	925 million to 975 million	914.4 million
Gross margin	17% - 19%	22.9%

The company manufactures solar photovoltaic (PV) modules both in Canada and China. It is also engaged in the construction and operation of solar parks.

(USD 1.0 = EUR 0.804)

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