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Canadian Solar Q4 net revenue jumps to $901.0 million from $768.0 million

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Staff Writer |
Canadian Solar
Canadian Solar   Gross margin was 30.1%, including the benefit of a U.S countervailing duty

Canadian Solar announced its financial results for the fourth quarter and full year ended December 31, 2018.

Fourth quarter 2018

Net revenue was $901.0 million, compared to $768.0 million in the third quarter of 2018 and the revised fourth quarter 2018 guidance of $850 million to $900 million.

Gross margin was 30.1%, including the benefit of a U.S countervailing duty (CVD) reversal of $16.1 million, compared to 26.1% in the third quarter of 2018, and the revised fourth quarter guidance of 27.0% to 28.0%. Excluding the CVD reversal benefits, gross margin was 28.3%, compared to 25.0% in the third quarter of 2018.

Net income attributable to Canadian Solar was $111.6 million, or $1.81 per diluted share, compared to net income of $66.5 million, or $1.09 per diluted share, in the third quarter of 2018.

Non-GAAP adjusted net income attributable to Canadian Solar was $99.5 million, or $1.61 per diluted share.

Full year 2018 results

Total solar module shipments were 6,615 MW, compared to 6,828 MW in 2017 and the revised full year guidance in the range of 6.56 GW to 6.61 GW.

Net revenue was $3.74 billion, compared to $3.39 billion in 2017 and the revised full year guidance in the range of $3.69 billion to $3.74 billion.

Net income attributable to Canadian Solar was $237.1 million, or $3.88 per diluted share, compared to $99.6 million, or $1.69 per diluted share in 2017.

Non-GAAP adjusted net income attributable to Canadian Solar was $199.4 million, or $3.28 per diluted share.

Net cash provided by operating activities was approximately $216.3 million, compared to $203.9 million in 2017.


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