The solar manufacturer’s impressive third-quarter gross margin is set to fall back in the current three-month window because global shortages have seen some material costs double since the world came out of Covid-19 shock.
The Sino-Canadian solar manufacturer has moved to settle a ten-year-old case in which it was accused of breaching generally accepted accounting principles in its 2009 figures. The company has indicated the settlement, which is yet to be approved, is not an indication of guilt.
The company said that multicrystalline modules accounted for 68% of its shipments in the fourth quarter and 74% for all of 2019, with monocrystalline modules accounting for 32% and 26%, respectively.
The Chinese-Canadian manufacturer reported a 1% decrease in sales in the third quarter, with net profit falling 19%, to US$55.2 million. Quarterly shipments were up significantly year on year, from 1.59 GW in July-to-September last year to 2,387 MW this time around. The company expects to ship up to 8.5 GW of panels and achieve turnover of up to US$3.16 billion this year.
The module manufacturer and project developer struck a bullish tone as it announced further project sales, higher module selling prices, a transition to entirely PERC module output and ramped up production capacity.
With figures at the end of last year boosted by profitable PV project sales, the manufacturer and developer is now nursing unflattering comparisons and aims to get more projects built and sold by the end of next month.
The Chinese-Canadian manufacturer has revealed that it has finalized a $50 million term loan from Credit Suisse. It plans to use the loan to fund the expansion of its global PV project pipeline.
Canadian Solar recorded net income of $237.1 million in 2018, from $99.6 million a year earlier, on annual PV module shipments of 6.62 GW.
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