Profitable Quarter For Canadian Solar Inc. (NASDAQ:CSIQ)
Canadian Solar Inc. (NASDAQ:CSIQ) has announced its third quarter 2013 results, for the period ended September 30, 2013. The company posted a 29.1% jump quarter-over quarter and 50.6% year-over-year in their revenues during the quarter at $490.9 million, compared with $380.4 million in the second quarter of 2013 and $326.0 million in the third quarter of 2012.
During the quarter, total solar module shipments were 478 MW, compared to 384 MW in the same period of 2012. Japanese market represented 29.5% of total solar module shipments, compared to 35.7% in Q2, 2013 and 5.7% in Q3, 2012. Solar module shipments included 60 MW used in Canadian Solar’s overall solutions business. European markets contributed 9.5%, America contributed 46.9%, and Asia and other markets represented 43.6% of net revenue.
Net income for the third quarter of 2013 was $27.7 million, or $0.56 per diluted share, compared to net loss of $43.7 million, or $1.01 per diluted share, in the same quarter of 2012.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, “Our third quarter results underscore the continued successful execution of our total solutions business plan, the strength of our module business, and the scalability of our operating model. We are making excellent progress on larger scale opportunities as well. We are also actively developing other market opportunities, in particular in China and Japan. We have high confidence in our visibility and in the sustainability of our business plan into the next several years.”
As of September 30, 2013, Canadian Solar Inc. (NASDAQ:CSIQ) had approximately $681.7 million of cash, cash equivalents and restricted cash.
For the fourth quarter of 2013, the company expects module shipments to be between 480 MW and 500 MW, while gross margin to in a range of 13-15%. Raising its previous guidance, Canadian Solar now aims to achieve the annual module shipments from 1.6 -1.8GW to 1.75-1.77 GW. China and Japan are expected to be the main drivers of module shipments demand during the fourth quarter, according to Canadian Solar.