Business
Canadian Solar Reports Fourth Quarter and Full Year 2023 Results
GUELPH, ON, March 14, 2024 /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 14, 2024 /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, 2023.\n\nFourth Quarter and Full Year 2023 Highlights\n26% increase in solar module shipments year-over-year (\"yoy\") to 8.2 GW, above guidance range of 7.6 GW to 8.1 GW.Record full year solar module shipments of 30.7 GW by CSI Solar, a 45% increase yoy.Record full year revenues of $7.6 billion.Record full year net income attributable to Canadian Solar of $274 million, or $3.87 per diluted share.Record 63 GWh of e-STORAGE pipeline, of which $2.6 billion is contracted backlog, as of January 31, 2024.Secured a $500 million investment in Recurrent Energy from BlackRock.Dr. Shawn Qu, Chairman and CEO, commented, \"Over the past two decades, Canadian Solar has evolved into a leading 'full stack' solar and storage business, uniquely positioned for global opportunities. Not only are we addressing market demand with our swift transition to N-type TOPCon (Tunnel Oxide Passivated Contact) solar technology, but we also remain laser focused on strategic markets. Our Texas module factory which began production in late 2023 has been ramping up, and we continue to see strong demand for our U.S.-made products. In addition, we continue to make exciting progress in both our battery energy storage and project development businesses. While e-STORAGE grows and executes on a substantial backlog, Recurrent Energy gains fresh momentum in its business transformation journey through the recently announced partnership with BlackRock. Today, solar represents a hugely underpenetrated and cost-effective form of energy. With the substantial reduction in LCOE (levelized cost of energy) over the last year, solar is more attractive than ever from an investment perspective. Furthermore, with solar and storage at grid parity, we are poised to make solar an even more stable energy source, solidifying its critical role at the forefront of the energy transition.\"\nYan Zhuang, President of Canadian Solar's CSI Solar subsidiary, said, \"This year has underscored the resilience and agility of CSI Solar in navigating a complex and evolving market landscape. Despite the challenging conditions, we not only achieved exceptional shipment growth, but also swiftly and ef...