Canadian Solar said total module shipments in the fourth quarter of 2021 were 3.83 GW, a 28 percent y-o-y increase and 1 percent quarter-over-quarter decrease. Of the total, 263 MW were shipped to the company’s own utility-scale solar power projects.
Canadian Solar has achieved 47 percent increase in revenue year-over-year to $1.53 billion in Q4 2021 with 19.7 percent gross margin that exceeds guidance range of 14 percent to 16 percent.
Canadian Solar expects module shipments to be in the range of 3.6 GW to 3.8 GW for the first quarter of 2022, including approximately 210 MW of module shipments to the company’s own projects.
Canadian Solar is targeting revenues of $1.25 billion to $1.35 billion in Q1 2022 with gross margin of between 14.5 percent and 15.5 percent, reflecting the impact of higher material costs. Canadian Solar plans to partially mitigate the increase in material costs through pricing and sales channel strategies.
Canadian Solar expects total shipments of 20 GW to 22 GW for the full year 2022. Canadian Solar is increasing its outlook for total battery storage shipments to be in the range of 1.8 GWh to 1.9 GWh, from 1.4 GWh to 1.5 GWh previously.
The company expects total project sales of 2.1 GW to 2.6 GW, from 2.4 GW to 2.9 GW previously. The company is increasing its expectations for total revenue to be in the range of $7.0 billion to $7.5 billion, from $6.5 billion to $7.0 billion previously.
Shawn Qu, Chairman and CEO of Canadian Solar, said: “First quarter margins will be impacted by the recent uptick in material costs, partially mitigated through pricing and sales channel strategies. Shipping costs are also expected to remain elevated.”