Canadian Solar ups revenue and shipment guidance for 2015

A strong end to the year has prompted China’s Canadian Solar to revise its revenue and module shipment guidance for 2015 upwards.

The company said today that it expects actual shipment volumes and revenue for both the fourth quarter of 2015 and the full year to exceed prior guidance.

According to Canadian Solar, module shipments for Q4 2015 will be in the range of 1,350 MW to 1,400 MW, up from a previous guidance of 1,300-1,350 MW.

Taken over the year entire year, the company expects 2015 shipments to total between 4.63 and 4.68 GW, compared to earlier projections in the 4.15 to 4.2 GW range.

The impact on revenue will be favorable. For Q4, revenue is now expected to reach somewhere between $1.02 billion and $1.07 billion, whereas the earlier forecast put that figure at somewhere between $930 million and $980 million.

Gross margin will also be above guidance for the quarter, at around 13-15%.

Revenue for the entire year, therefore, is expected to arrive at $3.35 billion to $3.4 billion. Previous guidance for the year, raised in November, suggested a figure closer to the range of $3.28 billion to $3.33 billion, up from $2.8 billion to $3 billion previously.

Some 300 MW of module shipments, included in the shipment forecast, have not been recognized as part of the final revenue figure. "Our stronger-than-expected results reflect continued health and robust demand in the global solar market, combined with Canadian Solar’s Tier 1 position, strong bankability, increased sales in higher ASP regions and the benefit of favorable currency moves," said Canadian Solar CEO and chairman Shawn Qu.

The chairman added that Canadian Solar will continue to explore market opportunities that arise globally over the year, and expects solar’s influence on worldwide energy markets to grow and solar’ cost advantages converge with an increasingly renewables-friendly investment environment.

Canadian Solar will publish its full financial results for 2015 and Q4 2015 on Thursday, March 10.