Canadian Solar Inc. announced its financial results for the fourth quarter and full year ended December 31, 2013. Aspects include shipment, net revenue and installation generally showed a positive outcome in the fiscal year 2013.
Fourth Quarter 2013 Highlights
- Solar module shipments were 621 MW, compared to 478 MW in the third quarter of 2013.
- Net revenue was $519.5 million, compared to $490.9 million in the third quarter of 2013.
- Net revenue from the total solutions business was 23.4% of total net revenue, compared to 41.1% in the third quarter of 2013.
- Gross margin was 19.5%, compared to 20.4% in the third quarter of 2013.
- Diluted earnings per share was $0.39, compared to diluted earnings per share of $0.56 in the third quarter of 2013.
- Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $679.4 million, compared to $681.7 million at the end of the third quarter of 2013.
- Cash flow from operations was approximately $73.2 million, compared to $152.0 million in the third quarter of 2013.
- Closed the sale of one solar power plant in Ontario, Canada valued at over C$61 million to TransCanada Corporation (TSX, NYSE: TRP).
- Increased the total late-stage solar project pipeline to approximately 1.3 GW, with geographic diversification in Canada, Japan, the U.S. and China.
Full Year 2013 Highlights
- Solar module shipments were 1,894 MW, compared to 1,543 MW in 2012.
- Net revenue was $1,654.4 million, compared to $1,294.8 million in 2012.
- Net revenue from the total solutions business was 28.6% of total net revenue, compared to 11.5% in 2012.
- Diluted earnings per share was $0.63, compared to diluted loss per share of $4.53 in 2012.
- Cash flow from operations was approximately $229.5 million, compared to negative $147.8 million in 2012.
