Business
Canadian Solar Reports First Quarter 2024 Results and Announces Appointment of Chief Financial Officer
GUELPH, ON, May 9, 2024 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the first
About this update from Canadian Solar Inc.
[{"type":"text","content":"GUELPH, ON, May 9, 2024 /PRNewswire/ -- Canadian Solar Inc. (\"Canadian Solar\" or the \"Company\") (NASDAQ: CSIQ) today announced financial results for the first quarter ended March 31, 2024.\n\nHighlights\nSolar module shipments of 6.3 GW, in line with guidance of 6.1 GW to 6.4 GW.Net revenues of $1.3 billion, in line with guidance of $1.2 billion to $1.4 billion.19.0% gross margin, at the high end of 17% to 19% guidance range.Net income attributable to Canadian Solar of $12 million or $0.19 per diluted share.Record quarterly delivery by e-STORAGE, with revenue topping the total of 2023.Appointment of Mr. Xinbo Zhu as Senior Vice President and Chief Financial Officer, effective May 15, 2024. Most recently, Mr. Zhu served as Chief Supply and Risk Officer of Recurrent Energy. Dr. Huifeng Chang, who has served as Chief Financial Officer since May 2016, will transition into his new role within the Company as Chief Strategy Officer.Dr. Shawn Qu, Chairman and CEO, commented, \"Shipments, revenue, and gross margin met our expectations. We continue to apply tailored strategies across our diverse businesses. In our module business, we are concentrating on profitable growth and expanding our market share in key strategic markets. Demand remains robust, and we are witnessing signs of improvement in distributed generation markets and select geographies. At Recurrent Energy, we are working to close the BlackRock investment and executing on our expansive solar and battery energy storage project development pipeline. At the same time, our e-STORAGE platform continues to grow rapidly, as we secure contracts in new markets and advance our proprietary technologies for both utility-scale and residential applications.\"\nYan Zhuang, President of Canadian Solar's CSI Solar subsidiary, said, \"Despite the seasonally softer first quarter, we delivered strong results. Our strategic approach to managing volume significantly enhanced our margins. This improvement was supported by a decrease in polysilicon prices and our continued ramping of N-type TOPCon capacity. With the rapid phaseout of PERC and the narrowing cost differential between these technologies, TOPCon has become the market's preferred choice. We are well-positioned, as we continue to reduce our manufacturing costs and enhance vertical integration. Additionally, e-STORAGE delivered a recor...