Canadian solar revenue down 15.8% for third quarter

For the third quarter ended September 30, 2018, Canadian Solar has reported net revenue of $768.0 million, up 18.0 percent from $650.6 million in the second quarter of 2018 and down 15.8 percent from $912.2 million in the third quarter of 2017.

Net income attributable to Canadian Solar was $66.5 million, compared to $15.6 million, in the second quarter of 2018.

During the quarter, the company completed the sale of solar power plants totaling 103 MWp, including 64 MWp in Japan.

The company’s portfolio of utility-scale solar power plants in operation was approximately 1.1 GWp with an estimated total resale value of approximately $1.23 billion, as of October 31, 2018.

Third quarter of 2018 net revenue from the Company’s modules and systems solutions (MSS) business was $512.3 million, and was $255.7 million from the Company’s Energy business.

Total solar module shipments in the third quarter of 2018 were 1,590 MW, compared to 1,700 MW in the second quarter of 2018, and third quarter of 2018 guidance in the range of 1,500 MW to 1,600 MW.

Total solar module shipments in the third quarter of 2018 included 180 MW shipped to the Company’s projects.

Total operating expenses in the third quarter of 2018 were $104.5 million, down 1.0 percent from $105.5 million in the second quarter of 2018, and up 2.4 percent from $102.0 million in the third quarter of 2017.

Other operating income in the third quarter of 2018 was $2.9 million, compared to $0.3 million in the second quarter of 2018 and $1.4 million in the third quarter of 2017.

Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar, said, “Revenue was slightly lower than expected in the third quarter, while gross margin was higher than expected, as certain project sales with lower gross margins were deferred to later quarters.”

editor@greentechlead.com