Citing strong customer demand, the manufacturer says it expects module shipments to increase from the initially forecast 340 to 360 megawatts (MW) to between 430 and 440 MW. In Q2 and Q3 of 2011, Canadian Solar shipped 287 and 355 MW, respectively.
This means, says the manufacturer that for the fiscal year 2011, shipments are expected to be in the range of 1,316 to 1,326 MW, compared to prior guidance of between 1,200 to 1,300 MW.
While Canadian Solar declined to go into financial specifics, the manufacturer did say it expects Q4 gross margin to be in line with prior guidance of between five and eight percent.
Shawn Qu, chairman and CEO, remarked, "We are increasing shipments to customers in key markets worldwide, while at the same time aggressively reducing our manufacturing costs … We are seeing continued gains in both solar module shipments to installers and in shipments related to our expanding project business."
He continued, "As an illustration of our business momentum, we recently signed agreement for Canadian Solar to develop and sell nine fully-operational and commissioned utility-scale solar projects in the Province of Ontario, which are expected to contribute to the company’s revenue and profitability between late 2012 and mid-2013."
In other company news, Canadian Solar has announced its sponsorship of the National Hockey League’s Los Angeles Kings, located the Staples Center in downtown Los Angeles. Qu added, "The Los Angeles Kings have already made exemplary efforts in sustainability. This latest partnership highlights our commonality and provides a meaningful platform for a strong brand and renewable energy message."