Canadian Solar Reports Third Quarter 2023 Results

About this update from Canadian Solar Inc.

[{"type":"text","content":"GUELPH, ON, Nov. 14, 2023 /PRNewswire/ -- Canadian Solar Inc. (\"Canadian Solar\" or the \"Company\") (NASDAQ: CSIQ) today announced financial results for the third quarter ended September 30, 2023.\n\nThird Quarter Highlights\n39% increase in solar module shipments year-over-year (\"yoy\") to 8.3 GW.Net revenues of $1.85 billion, with a 16.7% gross margin, and net income attributable to Canadian Solar of $0.32 per diluted share.$2.6 billion e-STORAGE contracted backlog, as of November 14, 2023, of which approximately half are expected deliveries for 2024 that are likely to be meaningfully gross and net margin accretive helped by the favorable cost environment.Recurrent Energy expanded its total development pipeline to 26 GWp of solar and 55 GWh of battery energy storage, as of September 30, 2023.Dr. Shawn Qu, Chairman and CEO, commented, \"We delivered solid profitability in the third quarter of 2023 with continued progress on our capacity diversification, despite lower-than-expected market demand growth due to the higher interest rate environment driving higher inventories in certain markets. We significantly ramped up our capacity in the latest N-type TOPCon cell technology, which now accounts for half of our total cell capacity and is expected to reach 60% by the end of 2023. We continued to make strategic, long-term investments in key premium markets, including the recent announcement of our 5 GW solar cell facility in Jeffersonville, Indiana, and our 5 GW solar wafer facility in Thailand, both of which will serve U.S. customers. These will complement our 5 GW solar module facility in Mesquite, Texas, which is set to start production in a few weeks. As we navigate through short-term cyclical market fluctuations, our goal remains consistent which is to build on our long-term competitive position in a rapidly growing global market and deliver sustainable value for our shareholders.\"\nYan Zhuang, President of Canadian Solar's CSI Solar subsidiary, said, \"CSI Solar achieved shipment growth and healthy margin improvement in the third quarter of 2023 despite the challenging market conditions. CSI Solar's gross and operating margins improved sequentially driven by lower manufacturing costs as we were able to achieve a higher level of vertical integration. This was notwithstanding TOPCon capacity ramp up costs incurred during the...

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