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| Thu, 28th May 2020 13:36:00 |
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Canadian Solar sees turnover and profits surge |
The Chinese-Canadian solar manufacturer reported a 41% year-over-year increase in total module shipments to 2.2 GW in the first quarter. Revenue grew by 70% to $826 million, while net profit improved significantly from $17.2 million to $110.6 million.
Chinese-Canadian PV manufacturer Canadian Solar on Thursday posted a first-quarter net profit of $110.6 million, up from a $17.2 million loss in the same period a year ago, as net revenue soared 70% to $826 million, exceeding guidance for the first three months of 2020.
The company attributed the revenue growth to higher module shipments and project sales, which was partially offset by a decline in average module selling price (ASP). Total module shipments increased 41% year-over-year to 2.2 GW, in line with expectations.
"While COVID-19's impact on the demand for our products and services was limited in the first quarter, we remain cautious given the market uncertainty and expected softness in the second half of 2020," said Canadian Solar Chairman and CEO Shawn Qu.
The chief executive said that, as with past periods of volatility, the company was restricting discretionary spending and investing in long-term growth opportunities. "The industry's long-term fundamentals remain strong, with numerous catalysts for revenue and profitability growth," Qu added. "We are particularly excited by the market outlook for our Energy business, as lower equipment ASPs help to improve the profitability of our contracted projects."
The low interest rate environment is making the company's solar projects "even more sought-after as countercyclical investment assets," Qu noted. Canadian Solar will continue to sell and recycle capital to grow its project pipeline while also growing stable, recurring revenues by retaining partial ownership of selected projects, he said.
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