Hanwha Q CELLS has reported net revenues of $707.8 million, up 10.9 percent from $638.0 million in the second quarter of 2016 and up 65.7 percent from $427.2 million in the third quarter of 2015.
Gross profit was $140.5 million, compared with $151.2 million in the second quarter of 2016 and $93.0 million in the third quarter of 2015.
Operating income was $72.4 million, compared with $84.5 million in the second quarter of 2016 and $40.3 million in the third quarter of 2015.
Seong-woo Nam, chairman and CEO of Hanwha Q CELLS, said, “Our financial and operational results in the third quarter were solid while generating net revenues of $707.8 million in this quarter, an increase of 65.7 percent from the same period last year. And we are on course to achieve our previously guided full-year total module shipments of 4,800 to 5,000 MW in 2016.”
“Our industry is undergoing challenging time with elevated macro uncertainties,” Nam continued. “We will continue to focus implementing disciplined financial and operational management as we navigate current market environments, yet further strengthening our industry leadership in technology, quality and customer services for stable long-term growth.”
The company spent $12.0 million for R&D in the third quarter, down 14.3 percent from $14.0 million in the second quarter of 2016 and down 4.8 percent from $12.6 million in the third quarter of 2015.
Capital expenditures were $23.0 million in the third quarter of 2016.
As of September 30, 2016, the Company had in-house, annualized production capacities of 1,550 MW for ingot, 950 MW for wafer, 4,100 MW for cell and 4,050 MW for module.
Additionally, the Company has an access of module supply of up to 1,500 MW (annualized) as of September 30, 2016 from Hanwha Q CELLS Korea Corporation, an affiliate of the Company.
For the fourth quarter of 2016, the Company estimates net revenues in the range of $600 to 620 million.
For the full year 2016, the Company expects total module shipments in the range of 4,800 to 5,000 MW, and revenue-recognized module shipments in the range of 4,600 to 4,800 MW.
Capital expenditures for the year 2016 will be approximately $130 million, of which $84 million for capacity expansion and the remaining $46 million for manufacturing technology upgrades and certain R&D related expenditures.