Canadian Solar shows increased revenue in third quarter financial results

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At the close of Canadian Solar’s third quarter, on September 30 2010, the company posted net revenues of US$377.2 million, a marked improvement from 2009’s third quarter, which resulted in US$213.1 million, and the company’s second quarter 2010, which finished at US$328.7 million. Canadian Solar also increased its net income for the third quarter, closing out at US$20.3 million, compared to 2010’s second quarter, which posted at US$3.2 million, and 2009’s third quarter, which had a US$25.3 million net income.

Third quarter 2010 shipments totaled 200.4MW, a 9.5% growth from the 181.2MW that were shipped in the second quarter of 2010 and a 48% growth from 2009’s third quarter, which shipped 102.6MW. The company pointed to increased sales in the Asia Pacific region and North America, along with continued support from Europe, as contributors towards its increased shipments.
 
Dr. Shawn Qu, chairman and CEO, remarked, “This was a strong quarter for us, marked with shipment volumes at the high end of expectations and a better-than-expected gross margin.  The increase in 3Q10 revenues compared to 2Q10 was driven by strong demand in all our key markets, including Europe, Asia Pacific and North America, strong selling prices, revenues from solar systems sales and higher prices from our premium product sales.  Our results also benefitted from operational improvements. Our internal cell production contributed 130MW, above our expected 127MW, along with the contribution of 37MW of internally produced wafers, which was in line with our expectations. Average non-silicon processing costs declined modestly in September. Silicon raw materials prices appear to have peaked in September and October and are now beginning to stabilize, while the prices of most other raw materials have been and remain stable.”

When analyzing its outlook for the fourth quarter and 2011, Canadian Solar has set sizeable goals for itself. During 2010’s fourth quarter, the company expects to ship between 220MW and 230MW resulting in a gross margin of 17% to 18%. During 2011, shipments are anticipated to reach 1,200MW to 1,300MW.

Although Canadian Solar has already expanded its annual internal cell capacity to 800MW, it still is looking to achieve 180MW of internal cell production in the fourth quarter of 2010 and 200MW in the first quarter of 2011. Wafer and ingot nameplate capacity is predicted to reach 400MW by the middle of 2011, with 500MW of cell capacity added in the same timeframe.
 
Dr. Qu commented on the business outlook, stating, “Our core plan for reaching next year's objectives includes lower costs, increased production capacity, further product differentiation and ongoing corporate branding efforts. Our target is to reach a wafer to module processing cost of $0.50 to $0.55 per watt by December 2010. Our processing cost for enhanced selective emitter cells declined to $0.20 per watt in September, with conversion efficiencies of up to18.7%.  Next year, we expect to have a larger downstream footprint in the systems business, both in Ontario and Japan, which should contribute to our business operations and enhance our brand recognition.  Also, we expect to have an increasing volume and variety of premium module products, such as the New Edge and higher power output products, which should help support prices and permit us to gain market share.”

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