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Canadian Solar back in black

PV module maker swings to $38.2m second quarter profit

Canadian Solar back in black image

Canadian Solar returned to profit in the second quarter, after beating its revenue and margin guidance. Revenue, however, was still lower than the same period a year ago.

For the three months through June, the solar PV module maker posted a net profit of $38.2m, swinging from a net first-quarter loss of $13.3m.

Revenue rose 2.3% between the first and second quarters to $692.4m, beating company guidance of $615.0m-to-$635.0m. But compared to the second quarter of 2016, revenue was down 14.1%.

"Q2 was a solid quarter, with solar module shipments, revenue and gross margin all coming in above guidance," Canadian Solar chief executive Shawn Qu said.

Second-quarter solar module shipments were 1745MW, compared to 1480MW in the first quarter and well above the company's 1530MW-to-1580MW guidance range.

The beat was pinned on "strong demand" for solar modules in China, India, Japan and the US.

Gross margins improved due to higher-than-expected average selling prices and better cost controls, the company said.

Image: Canadian Solar

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