Business
Canadian Solar Reports Second Quarter 2020 Results
GUELPH, ON, Aug. 7, 2020 /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, Aug. 7, 2020 /PRNewswire/ -- Canadian Solar Inc. (\"Canadian Solar\" or the \"Company\") (NASDAQ: CSIQ) today announced financial results for the quarter ended June 30, 2020. \nSecond Quarter 2020 Highlights\n31% sequential increase in total module shipments to 2.9 GW, exceeding guidance of 2.5 GW to 2.7 GW. Net revenue of $696 million exceeding guidance of $630 million to $680 million. Gross margin of 21.2% exceeding guidance of 18.5% to 20.5%. 17% reduction in operating expenses compared to the second quarter of 2019. Net income attributable to Canadian Solar of $20.6 million or $0.34 per diluted share. Updated shipment guidance to 11 GW to 12 GW for 2020, and 18 GW to 20 GW for 2021. Dr. Shawn Qu, Chairman and CEO, commented, \"Despite challenging market conditions, second quarter results exceeded expectations both on revenue and profits. Over the past 19 years, we have built a strong foundation and track record based on technology innovation, all-around product execution, robust customer channels and prudent capital deployment. This foundation has helped us to dynamically adjust to changing market environments and consistently deliver a market-leading return on capital and equity. \nLast week, we announced the plan to list our Module and System Solutions (\"MSS\") business on China's stock market. If successful, it will give us greater access to additional, lower-cost sources of capital and allow us to grow faster at a time when we believe growth in the solar industry and market consolidation are both set to accelerate. We have started the pre-IPO capital raising process to bring in new partners to our MSS business and convert it into a Sino-foreign joint stock company, which is required by Chinese security regulations for listing in China's stock market. This investment round is expected to be completed by the end of September, and will also allow us to immediately expand our manufacturing capacity using the best available technologies and equipment to support our newly set module shipment plan for 2021. \nIn addition, we believe the listing will help us unlock value for shareholders by addressing our valuation gap relative to China-listed solar companies. Meanwhile, as a Canadian-based global company, we remain fully committed to our NASDAQ listing and remain focused on expanding our Energy business worldwide b...