08 May Canadian Solar Inc. Posts Record Numbers in Q1 2015
Canadian Solar Inc. has just released its financial reports for the first quarter of 2015, and the numbers are looking strong across the board! The Guelp-based enterprise, which is one of the largest solar power companies in the world, recorded $860.9 million in revenue from January 1st to March 31st of this year – a substantial improvement over the $725-$775 million guidance it had projected for this quarter. Compared to the $466.3 million net revenue reported in Q1 2014, this quarter’s numbers were up by a staggering 84.6%! Meanwhile, gross margin finished the quarter at 17.8%, which falls within the upper bounds of the 16-18% guidance and positively achieves the company’s broader goals for that metric.
A number of major deals were concluded by Canadian Solar in Q1, including the acquisition of Recurrent Energy, LLP, as well as the sale of 3 major Canadian solar power plants. While this financial report’s numbers are based on preliminary estimates of Recurrent’s assets and liabilities, as the deal is executed and Canadian Solar takes over, its relevant figures may be adjusted accordingly. On the technical side, the Recurrent Energy acquisition increases Canadian Solar’s total project pipeline to an impressive 8.5 GW, which includes nearly 2.4 GW of projects classified as “late-stage”.
Not surprisingly, officials at Canadian Solar are welcoming these positive numbers with open arms. Senior VP and CFO Michael G. Potter reaffirmed his company’s strong position in the market, noting that “We are pleased with our record results for a first quarter, as well as with the underlying positive trends of our business.” CEO and Chairman Dr. Shawn Qu echoed similar sentiments, observing that “2015 started out strong for Canadian Solar, with both solar module shipments and revenue coming in ahead of our first quarter guidance. We have set a new record in quarter MW shipment, aided by strong demand in Japan, China, Europe and Latin America … All of this provides momentum as we continue to pursue our YieldCo strategy to build value for Canadian Solar and our shareholders.”