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Canadian Solar Reports First Quarter 2014 Results



May 16, 2014

Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced its financial results for the first quarter ended March 31, 2014.

First Quarter 2014 Highlights

  • Solar module shipments were 500 MW, compared to 621 MW in the fourth quarter of 2013 and to first quarter guidance in the range of 470 MW to 490 MW.-- Net revenue was $466.3 million, compared to $519.5 million in the fourth
  • quarter of 2013 and to first quarter guidance in the range of $415
  • million to $430 million.
  • Net revenue from the total solutions business as a percentage of total net revenue was 27.4% compared to 23.4% in the fourth quarter of 2013.
  • Gross margin was 14.7%, compared to 19.5% in the fourth quarter of 2013 and to first quarter guidance in the range of 14% to 16%.
  • Diluted earnings per share were $0.07, compared to $0.39 in the fourth
  • quarter of 2013.
  • Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $781.0 million, compared to $679.4 million at the end of the fourth quarter of 2013.
  • Net cash used in operating activities was $153.7 million, compared to net cash provided by operating activities of $73.2 million in the fourth quarter of 2013.
  • During the quarter, the Company closed the sale of one solar power plant in Ontario, Canada to BluEarth valued at over C$53 million.

First Quarter 2014 Results

Net revenue for the first quarter of 2014 was $466.3 million, down 10.2% from $519.5 million in the fourth quarter of 2013 and up 76.9% from $263.6 million in the first quarter of 2013. Total solar module shipments in the first quarter of 2014 were 500 MW, compared to 621 MW in the fourth quarter of 2013 and 340 MW in the first quarter of 2013. Solar module shipments in the first quarter of 2014 included 49 MW used in the Company's total solutions business, compared to 41 MW in the fourth quarter of 2013 and 23 MW in the first quarter of 2013.

By geography, in the first quarter of 2014, sales to Asia and other markets represented 50.4% of net revenue, sales to the Americas represented 43.6% of net revenue, and sales to Europe represented 6.0% of net revenue, compared to, 62.4%, 32.1% and 5.5%, respectively, in the fourth quarter of 2013 and 57.4%, 17.9% and 24.7%, respectively, in the first quarter of 2013.

Click here to read the full press release.

For more information :

Organization:
Canadian Solar Inc.
Address:
545 Speedvale Avenue
West Guelph, Ontario
Canada, N1K 1E6
www.canadiansolar.com


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