Canadian Solar raises Q4 2011 shipment guidance to 440 MW

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Canadian Solar raises Q4 2011 shipment guidance to 440 MW

By Greentech Lead Team: Canadian Solar, a provider of
ingots, wafers, solar cells, solar modules and other solar applications,
announced that solar module shipments in Q4 2011 will be higher than the
original fourth quarter guidance provided earlier.

“Canadian Solar continues to successfully execute on
our business strategy. We are increasing shipments to customers in key markets
worldwide, while at the same time aggressively reducing our manufacturing
costs,” said Shawn Qu, chairman and chief executive officer of Canadian Solar,

The updated guidance is based on Canadian Solar‘s
current views with respect to operating and market conditions, its current
order book and customers’ forecasts, all of which are subject to change.

For the fourth quarter company reported an increase to
approximately 430 MW to 440 MW. This is significantly higher than the original
fourth quarter guidance of approximately 340 MW to 360 MW provided on November
22, 2011, and compares to shipments of 287 MW and 355 MW in the Q2 and Q3 of
2011, respectively.

This higher shipment level in Q4 2011 reflects stronger
than expected demand from customers. The company expects its gross margin for
Q4 2011 to be in line with prior guidance of 5 percent to 8 percent.

For the fiscal year 2011 shipments are expected to be in
the range of 1,316 to 1,326 MW, compared to prior guidance in the range of
1,200 to 1,300 MW.

“We are seeing continued gains in both solar module
shipments to installers and in shipments related to our expanding project
business. As an illustration of our business momentum, we recently signed
agreement for Canadian Solar to develop and sell 9 fully-operational and
commissioned utility-scale solar projects in the Province of Ontario, which are
expected to contribute to the Company’s revenue and profitability between late
2012 and mid-2013,” Qu added.

Recently, Canadian Solar, HelioPower and Giumarra Vineyards announced the completion of a
516 kilowatt (kW) dc commercial photovoltaic (PV) system in Bakersfield, Calif.

[email protected]

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