Business
Canadian Solar Reports Fourth Quarter and Full Year 2019 Results
GUELPH, Ontario, March 26, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power
About this update from Canadian Solar Inc.
[{"type":"text","content":"GUELPH, Ontario, March 26, 2020 /PRNewswire/ -- Canadian Solar Inc. (\"Canadian Solar\" or the \"Company\") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the fourth quarter and full year ended December 31, 2019. \nFourth Quarter 2019 Highlights\nTotal module shipments were 2.5 GW, compared to 2.4 GW in the third quarter of 2019 and fourth quarter 2019 guidance of 2.3 GW to 2.4 GW. Net revenue was $920 million, compared to $760 million in the third quarter of 2019 and fourth quarter 2019 guidance of $850 million to $880 million. Gross profit was $230 million. Gross margin was 25.0%, compared to 26.2% in the third quarter of 2019 and fourth quarter 2019 guidance of 19% to 21%. Gross margin was 24.3% excluding the benefit of a U.S. anti-dumping (\"AD\") and countervailing duty (\"CVD\") true-up of $6.4 million. Net income attributable to Canadian Solar was $67.7 million, or $1.12 per diluted share, compared to $58.3 million, or $0.96 per diluted share, in the third quarter of 2019. Net cash provided by operating activities was approximately $247 million, compared to $22 million in the third quarter of 2019. As of January 31, 2020, the Company's portfolio of utility-scale solar power plants in operation was 880.2 MWp with an estimated total resale value of approximately $1 billion. The Company's board of directors authorized a $150 million share repurchase program for a six month-period beginning December 9, 2019. Full Year 2019 Results \nTotal module shipments were 8.6 GW, compared to 6.6 GW in 2018 and guidance of 8.4 GW to 8.5 GW. Net revenue was $3.20 billion, compared to $3.74 billion in 2018 and guidance of $3.13 billion to $3.16 billion. Net income attributable to Canadian Solar was $171.6 million, or $2.83 per diluted share, compared to $237.1 million, or $3.88 per diluted share in 2018. Net cash provided by operating activities was approximately $600 million, compared to $216 million in 2018.Fourth Quarter 2019 Results\nNet revenue in the fourth quarter of 2019 was $920 million, compared to $760 million in the third quarter of 2019, and $901 million in the fourth quarter of 2018. The sequential increase was due to higher shipments recognized in revenue, stable module average selling price (\"ASP\") and the ongoing monetization of solar power plants. \nTotal modul...