Canadian Solar reported its financial results for the third quarter ended September 30, 2014. The company shipped more solar module in the quarter, bringing it higher revenue and gross margin. Utility projects contributed a lot to Canadian Solar’s profit as well. It additionally announced expansion plans in China, aiming to add 500MW of PV module capacity to existing 3GW capacity.
Third Quarter 2014 Highlights
- Solar module shipments were 770 MW, compared to 646 MW in the second quarter of 2014 and third quarter guidance in the range of 720 MW to 750 MW.
- Net revenue was $914.4 million, compared to $623.8 million in the second quarter of 2014 and third quarter guidance in the range of $760 million to $810 million.
- Net revenue from the total solutions business, as a percentage of total net revenue, was 53.8% compared to 32.6% in the second quarter of 2014.
- Gross margin was 22.9%, compared to 19.0%, in the second quarter of 2014 and to third quarter guidance in the range of 19% to 21%.
- Net income attributable to Canadian Solar in the third quarter of 2014 was $104.2 million, or $1.75 per diluted share, compared to $55.8 million, or $0.95 per diluted share, in the second quarter of 2014.
- Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $817.2 million, compared to $788.3 million at the end of the second quarter of 2014.
- Net cash generated from operating activities was $ 204.1 million, compared to net cash used in operating activities of $44.3 million in the second quarter of 2014.
- During the quarter, the Company closed the sale of five solar power plants in Ontario, Canada, valued at over C$306 million
