Canadian Solar reported record third-quarter results on Wednesday, nearly doubling year-on-year revenue in the period to $914.4 million and almost quadrupling net profit to $104.2 million.
The companys solar module shipments rose from 478 MW a year ago to 770 MW. Module shipments included 173 MW used in Canadian Solars total solutions business, compared to 70 MW in the second quarter of 2014 and 60 MW in the third quarter of 2013.
Canadian Solar Chairman and CEO Shawn Qu said the company was on-track to deliver the best year in the history of Canadian Solar in terms of revenue and profitability and megawatt shipment." Qu said the group expected global solar demand to continue its growth momentum next year. The chief exec added that the groups strong cash and balance sheet position, its captive pipeline of late stage utility-scale projects totaling approximately 1.4 GW-DC and its global module sale coverage allowed it to operate with greater visibility and to more efficiently allocate capital and resources to the markets and projects capable of delivering the best returns.
The Americas accounted for the lions share of the companys sales, making up 71.7% of net revenue, while sales to Asia and other markets represented 20.9% and sales to Europe 7.4%. Last year the Americas accounted for 46.9%, Asia and other markets for 43.6% and Europe for 9.5%.
In the United States, the company’s late stage, utility-scale solar power project pipeline totaled some 84.1 MW-DC at the end of the third quarter compared to 105.8 MW-DC at the end of the years second quarter. From July to September, Canadian Solar completed construction of 21.7 MW-DC of solar projects in the U.S.
In Japan, the group said it was working to increase its utility-scale solar project pipeline to at least 540 MW-DC in the fourth quarter. It currently has one project connected to the grid in Kagoshima Prefecture the 1.2 MW Shibushichocho plant, which has a 20-year feed-in tariff contract with Kyushu Electric Power of JPY 40 ($0.37) per kilowatt hour. Canadian Solar is also currently building three solar power plants totaling 28.4 MW-DC and has an additional 68 MW-DC that are ready to build and are expected to start construction in the fourth quarter and through 2015.
In China, the company has started construction on several projects totaling approximately 100 MW-DC in the fourth quarter. The group added that it is pursuing several strategic partnerships in China that may lead to significant pipeline growth next year.