Canadian Solar has reported net revenue of $657.3 million, for the third quarter ended September 30, 2016, compared to $805.9 million in the second quarter of 2016.
Total solar module shipments were 1,185 MW, of which 1,161 MW was recognized in revenue, compared to 1,290 MW recognized in revenue in the second quarter of 2016, and third quarter guidance in the range of 1,200 MW to 1,300 MW.
Solar module shipments recognized in revenue in the third quarter of 2016 included 16.3 MW used in the total solutions business, compared to 18.7 MW in the second quarter of 2016 and 110.5 MW in the third quarter of 2015.
Net revenue from the total solutions business as a percentage of total net revenue was 10.4 percent, compared to 8.5 percent in the second quarter of 2016.
Net income attributable to Canadian Solar was $15.6 million, compared to $40.4 million, in the second quarter of 2016.
Gross profit in the third quarter of 2016 was $117.3 million, compared to $138.5 million in the second quarter of 2016 and $126.8 million in the third quarter of 2015.
The company spent $4.6 million for R&D in the third quarter of 2016, compared to $5.1 million in the second quarter of 2016 and $4.1 million in the third quarter of 2015.
The Company’s portfolio of operating solar power plants now totals 948 MWp, with an estimated total resale value of approximately $1.4 billion.
The Company targets to complete the sale of certain utility-scale solar power plants in Canada and China either by the end of 2016 or early 2017 and has started the sale process of its projects in the U.S. as these projects reaching COD.
Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar, remarked, “Our solar module shipments and revenue came in at the low end of our guidance, due to the dislocation of the global solar market during the quarter and the quarter-end logistic disruption caused by the bankruptcy of Hanjin Shipping in September.”
Qu added, “At the end of the quarter, our late-stage solar project pipeline stood at 2.0 GWp and our portfolio of solar plants in operation totaled 948 MWp. Our footprint now covers the world’s most attractive markets: the U.S., Canada, Japan, Brazil, China, Mexico, the United Kingdom and Africa. “
The company plans to complete the sale of certain solar power plants in Canada and China either by the end of 2016 or early next year.