Solar cell manufacturer Canadian Solar released its first quarter earnings report for 2015, revealing that it beat its estimates for shipping and revenue for the first quarter of 2015.
According to the Canadian solar manufacturer, total solar module shipments for Q1’15 were 1.23 GW, of which 1.03 GW was recognized in revenue. This compares pretty well to Q4’14’s shipments, of which 897 MW were recognized in revenue, and is well over the company’s original guidance for the first quarter of between 1.0 GW and 1.03 GW.
Similarly, net revenue was also doing well, though it was down on the fourth quarter of 2014, dropping from $956.2 million to $860.9 million in Q1’15. However, that’s not surprising, given that first quarters are always relatively lackluster for renewable energy companies — proven by an impressive 84.6% growth between Q1’14 and Q1’15.
“2015 started out strong for Canadian Solar, with both solar module shipments and revenue coming in ahead of our first quarter guidance,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “We have set a new record in quarter MW shipment, aided by strong demand in Japan, China, Europe and Latin America.”
Canadian Solar also completed the sale of three solar power plants in Canada, connected four solar plants to the grid in the UK, and completed the acquisition of Recurrent Energy from Sharp Corporation, which expanded Canadian Solar’s project pipeline to 8.5 GW.
The company also provided outlook for the second quarter of 2015, expecting total shipments to be in the range of 950 MW to 1000 MW, and total revenue to be in the range of $570 million to $620 million, with gross margin expected to be between 13% and 15%.