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Canadian Solar Reports Lackluster Second Quarter, With Slipping Shipments

Global top-5 solar PV manufacturing company Canadian Solar released disappointing second quarter figures this week, falling behind previous quarters and the company’s own Q2 guidance.

canadian solarOne of the world’s largest solar power companies, Canadian Solar nevertheless suffered a lackluster second quarter, with total solar module shipments coming in at 850 MW. This is down 17% on the year’s first quarter, and down on the company’s own second quarter shipping guidance of between 950 MW and 1,000 MW.

Net revenue was also down on the first quarter, coming in at $636.7 million, down 26% compared to Q1’15’s $860.9 million, but still up on the company’s Q2 guidance of between $570 million and $620 million. Gross margin was down to 15.2% from Q1’15’s 17.8%, and gross profit for Q2’15 of $96.5 million, compared to $153 million in the first quarter, and $118.2 million a year earlier.

“Revenue for the second quarter was above the high-end of our guidance reflecting stable pricing and continued strong demand in our key markets worldwide,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “With our late-stage, utility-scale solar project pipeline totaling 2.4 GW, we continue to gain momentum, attracting leading financial partners to support our development efforts in Canada, the U.S., the U.K. and Japan. We are pleased with the continued profitable growth of our solar module businesses. We continue to have a distinct competitive advantage as an integrated solar power company and are in an excellent position to extend our Tier I global brand, as we work to deliver value for our shareholders.”

Canadian Solar is maintaining its full-year guidance of between 4.0 GW and 4.3 GW, and full-year revenue to be in the range of $2.8 billion and $3.0 billion.

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