Canadian Solar back in black
PV module maker swings to $38.2m second quarter profit
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