Business
Canadian Solar Reports Second Quarter 2021 Results
GUELPH, ON, Aug. 12, 2021 /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. 12, 2021 /PRNewswire/ -- Canadian Solar Inc. (\"Canadian Solar\" or the \"Company\") (NASDAQ: CSIQ) today announced financial results for the quarter ended June 30, 2021. \nHighlights\nSolar module shipments of 3.7 GW in the second quarter of 2021, top end of 3.5 GW to 3.7 GW guidance. Revenue increased 105% year-over-year (\"yoy\") to a record $1.43 billion, in line with guidance of $1.4 billion to $1.5 billion. Gross margin of 12.9%, ahead of guidance range of 9.5% to 10.5%. Net income attributable to Canadian Solar of $11 million, or $0.18 per diluted share. 1.5 GWh of battery storage projects under construction and 19 GWh of total storage development pipeline. Published the ESG Sustainability Report with updated disclosures aligned with global standards on July 29, 2021. Carve-out IPO of CSI Solar subsidiary remains on track. Dr. Shawn Qu, Chairman and CEO, commented, \"I am pleased that we have turned the corner in the second quarter, delivering strong revenue growth and better-than-expected profitability. While market conditions remain challenging, we continue to focus on initiatives to strengthen our long-term positioning such as growing our pipeline of valuable solar and battery storage projects, and differentiating our technology and product offering through value-add system solutions. Notably, we have made significant progress in growing, executing and monetizing our battery storage projects and will update the market in due course. \n\"At the same time, we are also fully incorporating environmental, social and governance factors in all our major business decisions, and recently published our latest ESG Sustainability Report. As an example, we are establishing our first manufacturing facility of 10 GW ingot capacity in Qinghai Province, which will help us meaningfully reduce the carbon footprint of our products as nearly 90% of Qinghai's installed power capacity is clean energy. \n\"Separately, the carve-out IPO of CSI Solar remains on track, with the listing application materials having been submitted. We are now addressing comments from the Shanghai Stock Exchange in accordance with usual review procedures.\" \nYan Zhuang, President of Canadian Solar's CSI Solar subsidiary, said, \"Although polysilicon and transportation costs remained elevated, we continue to raise module pricing, prioritize margins...