Business
Canadian Solar Reports Fourth Quarter and Full Year 2021 Results
GUELPH, Ontario, March 17, 2022 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for
About this update from Canadian Solar Inc.
[{"type":"text","content":"GUELPH, Ontario, March 17, 2022 /PRNewswire/ -- Canadian Solar Inc. (\"Canadian Solar\" or the \"Company\") (NASDAQ: CSIQ) today announced financial results for the fourth quarter and full year ended December 31, 2021.\nFourth Quarter 2021 Highlights\nSolar module shipments of 3.8 GW, in line with guidance of 3.7 GW to 3.9 GW. 47% increase in revenue year-over-year (\"yoy\") to $1.53 billion, in line with guidance of $1.5 billion to $1.6 billion. 19.7% gross margin exceeds guidance range of 14% to 16%. Net income attributable to Canadian Solar of $26 million, or $0.39 per diluted share.Full Year 2021 Highlights\n28% yoy growth in total module shipments to 14.5 GW. 52% increase in revenue to $5.3 billion, with steady gross margin improvement in manufacturing operations throughout the year, as guided. Net income attributable to Canadian Solar of $95 million or $1.46 per diluted share. 896 MWh in battery storage shipments by the CSI Solar segment. 2.1 GWp in projects monetized by the Global Energy segment, including 350 MW / 1400 MWh battery storage. Global Energy solar project pipeline of 24 GWp and storage pipeline of 27 GWh as of January 2022. Carve-out IPO of CSI Solar Co., Ltd. (\"CSI Solar\" or the \"CSI Solar subsidiary\") remains on track. Dr. Shawn Qu, Chairman and CEO, commented, \"We ended 2021 on a high note, delivering 47% year-over-year revenue growth and a nearly 20% gross margin in the fourth quarter. Over the past decade, we have consistently been a top 5 global module manufacturer and have pioneered numerous solar crystalline PV technology advancements as well as business model innovations. This includes our fast growing battery storage business, where we delivered nearly 900 MWh in our first year of launching, and which we expect to double in 2022. While we continue to manage challenging market conditions, we remain focused on leveraging the competitive advantages of our integrated business model to build greater long-term value for our shareholders. \n\"We are also pleased to report that the carve-out IPO of CSI Solar remains on track. We received approval from the Shanghai Stock Exchange and are currently going through the registration process with the China Securities Regulatory Commission, in line with usual procedures.\"\nYan Zhuang, President of Canadian Solar's CSI Solar subsidiary, said, \"Our team's focu...