Canadian Solar Raises Q4 & Full Year 2015 Guidance
One of the world’s largest solar power companies, Canadian Solar, announced earlier this week that it was raising its Q4’15 and full-year 2015 guidance in advance of its announced financial results.
In an announcement made on Tuesday, Canadian Solar revealed that it was set to exceed its prior guidance for the fourth quarter and full year, and was therefore raising its guidance in tandem. Canadian Solar is planning to reveal its full-year and fourth-quarter financial results in early March, but made the decision to increase its guidance, likely to positively impact flagging share prices.
According to Canadian Solar, the company now expects its total solar module shipments for the fourth quarter to be in the range of approximately 1,350 MW and 1,400 MW, up from 1,300 MW to 1,350 MW, and including approximately 43 MW to its own utility-scale solar projects. This will also impact total revenue for the fourth quarter, which is now expected to be in the range of $1.02 billion and $1.07 billion, up from original guidance of $930 million to $980 million.
2015 guidance has also been modified to account for a more robust fourth quarter, with total module shipments for the year now expected to be in the range of 4.63 GW to 4.68 GW, including approximately 300 MW of module shipments to the company’s own downstream projects, which are not recognised as revenue. This is up significantly on its previous guidance of total module shipments in the range of 4.15 GW and 4.2 GW. Revenue is again (unsurprisingly) affected, after having already been raised in November to $3.28 billion to $3.33 billion from $2.8 billion to $3.0 billion.
Unsurprisingly, Canadian Solar’s shares have similarly been affected, jumping nearly 10% on the back of the company’s increased guidance.
“Our stronger than expected results reflect continued health and robust demand in the global solar market, combined with Canadian Solar’s Tier 1 position, strong bankability, increased sales in higher ASP regions and the benefit of favorable currency moves,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
“We continue to execute to our business strategy, which balances the rapid expansion of our utility-scale solar power project pipeline, and the sustained global leadership of our solar module business. We expect the growth of global solar demand to continue based on the compelling environmental and cost advantages solar energy offers and its low single-digit penetration rate of the worldwide energy market.”
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