Canadian Solar records soaring profit, revenue in Q4 2021

Ken Teegardin/CC BY-SA 2.0

March 17 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) on Thursday reported a 294% year-on-year jump in the fourth-quarter net profit for 2021 and a quarterly gross margin of 19.7%, above the guided range of 14% to 16%.

Net revenues for the quarter through December went up by 47% year-on-year to USD 1.53 billion (EUR 1.38bn), within guidance, underpinned by higher solar shipment volumes, the higher solar module average selling price and growth of the company’s battery storage business.

The gross profit of USD 301 million represented a 114% growth compared to the fourth quarter of 2020, with Canadian Solar stating that it benefited from lower manufacturing costs, higher module average selling price and a US anti-dumping and countervailing duty true up.

Net attributable profit for the year was more modest compared to 2020 results.

Selected figures are presented in the table below:

Results in USD million Q4 2021 Q4 2020 FY 2021 FY 2020
Net profit (loss) attributable to Canadian Solar 25.964 6.635 95.248 146.703
Income (loss) from operations 67.425 2.479 190.381 220.430
Net revenues 1,528.7 1,040.7 5,277.2 3,476.5

The Canada-based company operates two segments in the solar and storage markets -- Global Energy, in charge of project development, and CSI Solar, which manufactures modules, inverters, solar kits and provides EPC and battery storage system integration services. CSI Solar is due for a carve-out and listing on the Shanghai Stock Exchange, a process that Canadian Solar says it is on track.

CSI Solar delivered 3.8 GW of module shipments during the fourth quarters, in line with projections of 3.7 GW to 3.9 GW.

Through the Global Energy segment, Canadian Solar has 445 MWp of solar farms in operation as of January 31, 2022, and 2,681 MWh of energy storage projects under construction. Its total solar development pipeline exceeds 24 GWp, while in the storage pipeline there are over 27 GWh worth of projects, according to the company.

(USD 1.0 = EUR 0.905)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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