GAAP net income attributable to Canadian
Solar was $62.7 million, or $1.04 per share, compared to $15.5
million, or $0.26 per share, in the prior-year period. Adjusted
net income attributable to Canadian
Solar was $46.4
million, or $0.77 per share.
Total solar module
shipments were 2,143 MW, including 65 MW shipped to the company’s utility-scale
solar power projects. Module shipments recognized in revenue during the quarter
totaled 2,376 MW, compared to 1,454 MW in the prior-year period.
Inventories at the end of
the quarter were $337.8
million. Inventory
turnover in the quarter was 40 days.
As of July
31, 2019, the company’s
late-stage, utility-scale solar project pipeline, including those in
construction, totaled approx. 3.6 GWp, with 1,565 MWp in the US, 508.2 MWp in Brazil, 368 MWp in Mexico, 311.8 MWp in Japan, 385 MWp in China and
additional 465.2 MWp in total in Australia, Canada, Israel, Taiwan, the
Philippines, Malaysia, Italy and South
Korea.
For the third quarter of
2019, Canadian Solar expects total solar module shipments to be in the range of
2.2 GW to 2.3 GW, including approx. 160 MW of shipments to the company’s
utility-scale solar power projects that may not be recognized as revenue in the
third quarter.
Total revenue for the third
quarter is expected to be $780 million to $810 million and gross
margin is expected to be 24-26%. This guidance excludes the potential sales of
a project that may be completed in the third quarter. If the transaction is closed in time, total revenue for the third
quarter is expected to be $970 million to $1 billion and gross
margin is expected to be 27-29%.
For the full year of 2019, the company raised its guidance for total module shipments to the range of approx. 8.4 GW to 8.5 GW from the previous guidance of 7.4 GW to 7.8 GW. Total revenue for 2019 is expected to be $3.5 billion to $3.8 billion.
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