Canadian Solar Inc. (Canadian Solar Inc., NASDAQ: CSIQ) announced that its net income for the first quarter of fiscal year 21 increased by 32% year-on-year to US$1.09 billion, while the company’s guidance forecast is between 1 billion and 1.1 billion U.S. dollars, higher than analysts’ average expectation of 1.05 billion U.S. dollars.
Project sales in Japan and the United States increased, and the average selling price (ASP) of modules increased, but this was partially offset by the decline in module shipments, which drove a 5% quarter-on-quarter revenue growth.
Total module shipments increased by 42% year-on-year to 3,139 MW. Of the total, 267 megawatts were shipped to the company’s own utility-scale solar projects. The gross profit margin was 17.9%, higher than the company’s expectations of 16%-18% and 13.6% in the fourth quarter of fiscal year 20. High-profit project sales and the increase in the average selling price of modules have contributed to the increase, but the increase in manufacturing costs partially offset the increase in profits.
Net income increased by 228.6% from the previous quarter to 23 million U.S. dollars, which is equivalent to an earnings per share of 0.36 U.S. dollars, which is less than the analyst’s average estimate of 0.41 U.S. dollars.COPY
Chairman and CEO Dr. Qu Shaowen said that Canadian Solar’s total storage project development channels have doubled.
Guidance: Canadian Solar expects revenue prospects of US$1.4 billion to US$1.5 billion in the second quarter, while analysts’ average forecast is US$1.37 billion, and fiscal year 21 revenue is expected to be US$5.6 billion to US$6 billion. The division’s average expectation is $5.64 billion.