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Canadian Solar Reports Second Quarter 2014 Results



Aug 13, 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 second quarter ended June 30, 2014.

Second Quarter 2014 Highlights

  • Solar module shipments were 646 MW, compared to 500 MW in the first quarter of 2014 and to second quarter guidance in the range of 600 MW to 630 MW.
  • Net revenue was $623.8 million, compared to $466.3 million in the first quarter of 2014 and to second quarter guidance in the range of $560 million to $590 million.-- Net revenue from the total solutions business as a percentage of total
  • net revenue was 32.6% compared to 27.4% in the first quarter of 2014.
  • Gross margin was 19.0%, compared to 14.7% in the first quarter of 2014 and to second quarter guidance in the range of 17% to 19%
  • Net income attributable to Canadian Solar in the second quarter of 2014 was $55.8 million, or $0.95 per diluted share, compared to $3.8 million, or $0.07 per diluted share, in the first quarter of 2014.
  • Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $788.3 million, compared to $781.0 million at the end of the first quarter of 2014.
  • Net cash used in operating activities was $44.3 million, compared to net cash used in operating activities of $153.7 million in the first quarter of 2014.
  • During the quarter, the Company closed the sale of one solar power plant in Ontario, Canada to an affiliate of Concord Green Energy valued at over C$60 million.
  • During the quarter, the Company entered into an engineering, procurement and construction ("EPC") agreement with Kingston Solar LP, a solar energy partnership formed by Samsung Renewable Energy Inc. ("Samsung"), for the construction of a 140 MW DC utility-scale solar power plant, which is expected to generate revenue of over C$300 million for Canadian Solar.

Second Quarter 2014 Results

Net revenue for the second quarter of 2014 was $623.8 million, up 33.8% from $466.3 million in the first quarter of 2014 and up 64.0% from $380.4 million in the second quarter of 2013. Total solar module shipments in the second quarter of 2014 were 646 MW, compared to 500 MW in the first quarter of 2014 and 455 MW in the second quarter of 2013. Solar module shipments in the second quarter of 2014 included 70 MW used in the Company's total solutions business, compared to 49 MW in the first quarter of 2014 and 35 MW in the second quarter of 2013.

By geography, in the second quarter of 2014, sales to the Americas represented 55.5% of net revenue, sales to Asia and other markets represented 29.8% of net revenue, and sales to Europe represented 14.7% of net revenue, compared to 43.6%, 50.4% and 6.0%, respectively, in the first quarter of 2014 and 37.8%, 51.6% and 10.6%, respectively, in the second 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

Contact person:

David Pasquale
Global IR Partners
Tel: +1-914-337-8801
E-mail: csiq@globalirpartners.com


Link http://www.electricenergyonline.com/detail_news.php?ID=491592
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