Module manufacturer and project developer Canadian Solar has surpassed guidance on module shipments and revenue.
The company posted its third straight quarterly profit off the back of module shipments of 500MW compared to guidance of 470-490MW and up on 340MW of the first quarter last year.
Net revenue was US$466.3 million, compared to first quarter guidance in the range of US$415 million to US$430 million. Q1 revenue in 2013 was US$263.6 million.
The company also saw the proportion of its revenue from its project business increase compared to the previous quarter.
“Demand remained strong in our key target markets, such as Canada, Japan, and the US, and we benefited from a slightly higher average selling price for our modules,” Shawn Qu, chairman and CEO, Canadian Solar. “We also made progress on our total solutions business, which contributed 27.4% of our total net revenue in the first quarter of 2014, up from 23.4% in the fourth quarter of 2013.
“In addition, during the quarter we successfully completed a concurrent equity and convertible bond offering which positions us well to accelerate the development of our solar power project business and contribute to our profitable growth in the quarters ahead,” said Qu.
Sales by territory in Q1 2014 were 50.4% to Asia and other markets, 43.6% to the Americas and just 6.0% to Europe. In the same period last year those figures were 57.4%, 17.9% and 24.7% respectively.