Business
Canadian Solar Reports Fourth Quarter and Full Year 2022 Results
GUELPH, ON, March 21, 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, March 21, 2023 /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, 2022.\nFourth Quarter 2022 Highlights\n68% increase in solar module shipments year-over-year (\"yoy\") to 6.4 GW, above guidance range of 6.0 GW to 6.3 GW.29% increase in revenue yoy to $1.97 billion, above guidance range of $1.8 billion to $1.9 billion.17.7% gross margin at the high end of guidance range of 16% to 18%.Net income attributable to Canadian Solar of $78 million or $1.11 per diluted share. Full Year 2022 Highlights\nRecord revenues of $7.47 billion, a 42% increase yoy.Record net income attributable to Canadian Solar of $240 million, or $3.44 per diluted share.Record solar module shipments of 21.1 GW by CSI Solar, a 45% increase yoy.Record utility-scale battery storage shipments of 1.79 GWh by CSI Solar, doubling last year.25 GWp of solar development pipeline and 47 GWh of battery storage development pipeline, as of January 31, 2023 (Global Energy).Dr. Shawn Qu, Chairman and CEO, commented, \"We achieved record financial results in 2022, with revenue increasing 42% and net income attributable to shareholders increasing 152%. Our company and industry are at a critical turning point as we transition towards a grid parity market where clean energy investments are attractive both economically and from a sustainability standpoint, unlocking significant global demand. In addition, as solar equipment costs reach closer to the bottom of the cost curve, volume growth is translating into both revenue and earnings growth, driven by a combination of a stabler cost structure, increasing pricing power and operating leverage. This is evident in our 2022 results and adds to our confidence in our future growth opportunities. Lastly, CSI Solar's carve-out IPO just got approved by China Securities Regulatory Commission as we speak today.\"\nYan Zhuang, President of Canadian Solar's CSI Solar subsidiary, said, \"We achieved significant growth and profitability improvements throughout 2022. We continued to focus on strengthening our competitive advantage in technology and product leadership, positioning our brand in high-priced premium markets, building on strong customer and channel relationships, and increasing control over costs t...