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Canadian Solar Reports Third Quarter 2021 Results
GUELPH, ON, Nov. 18, 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, Nov. 18, 2021 /PRNewswire/ -- Canadian Solar Inc. (\"Canadian Solar\" or the \"Company\") (NASDAQ: CSIQ) today announced financial results for the quarter ended September 30, 2021. \nHighlights\nSolar module shipments of 3.9 GW in the third quarter of 2021, in line with guidance of 3.8 GW to 4.0 GW. Revenue increased 34% year-over-year (\"yoy\") to $1.23 billion, in line with guidance of $1.2 billion to $1.4 billion. Gross margin of 18.6%, above guidance range of 14% to 16%. Net income attributable to Canadian Solar of $35 million, or $0.52 per diluted share. 2.9 GWh of battery storage projects under construction and 21 GWh of total storage development pipeline. Continuing to make progress on the carve-out IPO of the CSI Solar subsidiary. Dr. Shawn Qu, Chairman and CEO, commented, \"We delivered our strongest quarterly performance since the start of COVID, with 34% year-over-year topline growth and better-than-expected profitability. While operational challenges have intensified recently, emerging energy crises across the world underscore the urgency to accelerate the deployment of clean, renewable energy paired with reliable battery storage technology. We are also encouraged by the positive action from Glasgow's COP26 and supportive policies by an increasing number of governments. At Canadian Solar, we continue to invest in the research and development of competitive solar and battery storage system solutions, and in expanding our global sales channels. We will also grow and monetize our pipeline of sought-after solar and battery storage projects of 24 GWp and 21 GWh, respectively, while carefully managing short-term market fluctuations and building sustainable value for our shareholders.\" \n\"Regarding the previously announced carve-out IPO of CSI Solar, we are addressing the third round of comments from the Shanghai Stock Exchange, in line with usual review procedures.\" \nIsmael Guerrero, Corporate VP and President of Canadian Solar's Global Energy subsidiary, said, \"One of the key highlights for this quarter is the monetization of our first stand-alone battery storage project, the Crimson Project of 350 MW or 1,400 MWh in California. Construction on this landmark project has already started, underscoring the multi-year, value creation potential of battery storage projects across the world. From a market standp...