Business
Canadian Solar Reports Second Quarter 2023 Results
GUELPH, ON, Aug. 22, 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, Aug. 22, 2023 /PRNewswire/ -- Canadian Solar Inc. (\"Canadian Solar\" or the \"Company\") (NASDAQ: CSIQ) today announced financial results for the second quarter ended June 30, 2023.\nHighlights\nRecord quarterly net income attributable to Canadian Solar of $170 million or $2.39 per diluted share, compared to net income of $84 million, or $1.19 per diluted share, in the first quarter of 2023, and net income of $74 million, or $1.07 per diluted share, in the second quarter of 2022.62% increase in solar module shipments year-over-year (\"yoy\") to 8.2 GW, compared to guidance of 8.1 GW to 8.4 GW.39% increase in net revenues quarter-over-quarter (\"qoq\") and 2% yoy to $2.4 billion, compared to guidance of $2.4 billion to $2.6 billion.39% increase in gross profit qoq and 19% yoy to $441 million, with an 18.6% gross margin, including an inventory write-down, compared to guidance of 19% to 21%.Gross proceeds of approximately $975 million from the initial public offering (\"IPO\") of its majority-owned subsidiary CSI Solar Co., Ltd. (\"CSI Solar\") on the Shanghai Stock Exchange's Sci-Tech Innovation Board under the stock code 688472.25 GWp of solar development pipeline and 52 GWh of battery energy storage development pipeline, as of June 30, 2023 (Recurrent Energy, formerly Global Energy).Dr. Shawn Qu, Chairman and CEO, commented, \"We achieved strong results in the second quarter of 2023 delivering record net income of $170 million, or $2.39 per diluted share. We successfully completed the IPO of our CSI Solar subsidiary, raising approximately $975 million in gross proceeds to support our ambitious growth plans across our solar and battery energy storage businesses. We also continued to strengthen our competitive position in core markets such as the U.S., where we are making long-term investments and building a state-of-the-art 5 GW solar module manufacturing plant under the backdrop of the Inflation Reduction Act. We are proud to be embarking on these growth initiatives with long-term partners such as EDF Renewables, working together to advance sustainable energy solutions to decarbonize the grid. We also recently published our latest ESG Sustainability Report, providing comprehensive updates on our efforts to conduct business ethically and sustainably.\"\nYan Zhuang, President of Canadian Solar's CSI Solar subsidiary, ...