Home Quarter Results Canadian Solar Reports Fourth Quarter And Full Year 2015 Results
Canadian Solar Reports Fourth Quarter And Full Year 2015 Results

Canadian Solar Reports Fourth Quarter And Full Year 2015 Results

18
0

Canadian Solar Inc. , one of the world’s largest solar power companies,recently announced its financial results for the fourth quarter ended December 31, 2015.

Fourth Quarter 2015 Highlights
• Total solar module shipments were a quarterly record high of 1,430 MW, of which 1,398 MW were recognized in revenue, compared to 1,150 MW recognized in revenue in the third quarter of 2015.
• Net revenue was a quarterly record high of $1,120.3 million, compared to $849.8 million in the third quarter of 2015.
• Net revenue from the total solutions business as a percentage of total net revenue was 30.7%, compared to 26.6% in the third quarter of 2015.
• Gross margin was 17.9%, compared to 14.9% in the third quarter of 2015.
• Net income attributable to Canadian Solar was $62.3 million, or $1.05 per diluted share, compared to $30.4 million, or $0.53 per diluted share, in the third quarter of 2015.
• Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.1 billion, compared to $1.0 billion at the end of the third quarter of 2015.
• Net cash generated from operating activities was $201.7 million, compared to $41.4 million in the third quarter of 2015.
• During the quarter, the Company completed the construction and tax-equity financing of all of its late-stage, utility-scale project pipeline in the U.S., and sold controlling stakes in two projects totaling 246.9 MWp.
• During the quarter, the Company completed the sale of three solar power plants valued at over C$197.1 million ($144.5 million), in Canada.
• The Company has recently started the operation and retained ownership of solar power plants totaling 144.0 MWp, including 14.1 MWp inCanada, 6.2 MWp in Japan, 22.9 MWp in the United Kingdom and 100.8 MWp in China.
Full Year 2015 Highlights
• Total solar module shipments were an annual record high of 4,706 MW, of which 4,384 MW were recognized in revenue, compared to 2.8 GW recognized in revenue in 2014.
• Net revenue was an annual record high at $3.47 billion, compared to $2.96 billion in 2014.
• Net revenue from the total solutions business as a percentage of total net revenue was 30.9%, compared to 44.5% in 2014.
• Income from operations was $247.4 million and non-cash charges for depreciation, amortization and equity compensation were $100.2 million.
• Net income attributable to Canadian Solar was $171.9 million, or $2.93 per diluted share, compared to $239.5 million, or $4.11 per diluted share, in 2014.
• During the year, the Company delivered a total of 388 MW of system kits and utility-scale solar power plants to all of its key markets.
• Cash flow from operations was $397.0 million, compared to $265.1 million in 2014.
Fourth Quarter 2015 Results
Net revenue in the fourth quarter of 2015 was $1,120.3 million, up 31.8% from $849.8 million in the third quarter of 2015 and up 17.2% from $956.2 million in the fourth quarter of 2014. Total solar module shipments in the fourth quarter of 2015 were 1,430 MW, of which 1,398 MW were recognized in revenue, compared to 1,150 MW recognized in revenue in the third quarter of 2015 and 897 MW recognized in revenue in the fourth quarter of 2014. Solar module shipments recognized in revenue in the fourth quarter of 2015 included 63.8 MW used in the total solutions business, compared to 110.5 MW in the third quarter of 2015 and 163.3 MW in the fourth quarter of 2014.
By geography, in the fourth quarter of 2015, sales to the Americas represented 51.9% of net revenue, sales to Asia represented 41.1% of net revenue, and sales to Europe and others represented 7.0% of net revenue, compared to 52.6%, 41.3% and 6.1% respectively, in the third quarter of 2015 and 61.8%, 31.8%, 6.4% respectively, in the fourth quarter of 2014.

(18)

Anand Gupta Editor - EQ Int'l Media Network

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *