May 16 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) said today it has turned to an attributable net profit of USD 43.4 million (EUR 36.8m) from a net loss of USD 13.3 million a year back, as revenues jumped 110.5%.
The bottom line though was still weaker compared to the USD-61.4-million profit booked in the final quarter of 2017.
"Results for the first quarter 2018 are within our expectations, with solar module shipments and revenue exceeding our guidance,” said Shawn Qu, chairman and CEO of Canadian Solar, which is engaged in the manufacture of solar products and installation of solar power plants.
Net revenue in the first quarter of 2018 beat the solar power company’s guidance of USD 1.37 billion-1.4 billion, as the figure rose to USD 1.42 billion from USD 1.11 billion in the fourth quarter of 2017 and from USD 677 million in January-March 2017. Solar module shipments declined to 1,374 MW from 1,831 MW in Q4 2017, but surpassed Canadian Solar’s projections for a range of 1.3 GW to 1.35 GW.
Gross margin dropped to 10.1% from 19.7% in Q4 2017 and 13.5% in Q1 2017. Still, it was within the guided range of 10-12%.
For the second quarter of the year, Canadian Solar anticipates to record solar module shipments between 1.5 GW and 1.6 GW, including some 100 MW of shipments to the company's own utility-scale projects. Total revenue is seen in the range of USD 690 million-730 million, while gross margin is expected to be between 20% and 22%.
"We expect a shift in global demand to developing markets to offset China, India and the US. We also expect demand in other markets to improve, including Europe, Africa, Argentina and Mexico,” CEO Shawn Qu commented.
(USD 1.0 = EUR 0.848)