Canadian Solar has earned revenue of $914.4 million in the third quarter of 2014, an increase of 86 percent compared to $490.9 million in the same period a year ago.
The company’s net income rose sequentially from $55.12 million to $108.52 million, and rose by 225 percent year over year.
The outstanding third quarter performance is partially attributable to the sale of five utility scale solar power plants for about $270 million in Canada.
Canadian Solar also improved on the average selling price per module. The factories were running near full capacity.
For the fourth quarter of 2014, Canadian Solar expects to ship 810 to 860 MW of solar modules worth total revenue in the range of $925 million to $975 million and gross margins of 17 percent to 19 percent. For the full year, the company expects revenue of $2.93 billion to $2.98 billion, as opposed to last year’s revenue of $1.65 billion.
Announcing the results, Canadian Solar CEO Shawn Qu said global solar demand continues its growth momentum in 2015.
The company plans to add 500 MW of module capacity at its Chinese plants, making the company’s total module capacity to 3,500 MW.
The company also plans to bring its cell manufacturing capacity up to 1,900 MW by the end of the second quarter and to expand its wafer-making capacity to 400 MW during 2015.
Rajani Baburajan
editor@greentechlead.com