Business
Canadian Solar Reports First Quarter 2023 Results
GUELPH, ON, May 18, 2023 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the
About this update from Canadian Solar Inc.
[{"type":"text","content":"GUELPH, ON, May 18, 2023 /PRNewswire/ -- Canadian Solar Inc. (\"Canadian Solar\" or the \"Company\") (NASDAQ: CSIQ) today announced financial results for the first quarter ended March 31, 2023.\nHighlights\n66% increase in solar module shipments year-over-year (\"yoy\") to 6.1 GW, in line with guidance of 5.9 GW to 6.2 GW.36% increase in revenue yoy to $1.7 billion, in line with guidance of $1.6 billion to $1.8 billion.18.7% gross margin, in line with guidance of 18% to 20%.Net income attributable to Canadian Solar of $84 million or $1.19 per diluted share.25 GWp of solar development pipeline and 47 GWh of battery storage development pipeline, as of March 31, 2023 (Recurrent Energy, formerly Global Energy).Carve-out IPO of CSI Solar subsidiary on track to be completed in the second quarter of 2023.Dr. Shawn Qu, Chairman and CEO, commented, \"We started off the year strong with 36% yoy revenue growth and 750% increase in diluted earnings per share. We continue to leverage our premium brand to capture increased solar and battery storage opportunities, while laying the groundwork for future success with strategic capacity expansion. We remain focused on profitable growth and continue to optimize our cost structure through vertical integration. With the imminent IPO of our CSI Solar subsidiary, we will have a new platform to raise investment capital and further strengthen our leading position in solar and battery storage manufacturing.\"\nYan Zhuang, President of Canadian Solar's CSI Solar subsidiary, said, \"We delivered a record operating profit in the first quarter, despite normal seasonal softness with lower input and manufacturing processing costs, and lower logistics costs. Looking ahead, as we continue to grow our volumes and increase the level of vertical integration, we expect profitability to remain healthy as our cost structure continues to improve and we reap the benefits of greater scale. On the battery energy storage side, we continue to grow our contracted turnkey pipeline which stood at approximately $1.3 billion as of March 31, 2023, and have continued to sign new contracts across the world reflecting overall market growth and positive customer response to our innovative products and solutions.\"\nIsmael Guerrero, Corporate VP and President of Canadian Solar's Recurrent Energy subsidiary, said, \"As expected, we mon...