Canadian Solar to beat third quarter guidance

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Silicon Module Super League (SMSL) member Canadian Solar has increased its shipment, revenue and gross margin guidance for the third quarter of 2015, due to higher than expected demand. 

Canadian Solar said that total PV module shipments in the third quarter would be in the range of 1.18GW to 1.23GW, compared to its previous guidance of 970MW to 1.02GW. 

As a result of the increased shipments as well as the sale of 51% of its 200MW Tranquillity solar power project in California, as part of its previous acquisition of Recurrent, total revenue would be in the range of US$805 million to US$815 million, compared to previous guidance which was in the range of US$570 million to US$620 million. 

Gross margin for the third quarter would be slightly above the high end of previous guidance, which was in the range of 12% to 14%, according to the company. 

Dr. Shawn Qu, chairman and Chief Executive Officer of Canadian Solar, remarked: “We ended the third quarter with stronger than expected demand in our solar module business, led by the US, the UK, Canada and Japan. We also benefitted from the sale of a controlling interest in our 200MW Tranquillity project in California. We are entering the fourth quarter of 2015 in an excellent competitive and financial position. We expect to see continued robust demand levels in our solar module business and we continue to execute on our already robust and steadily expanding utility-scale solar project development pipeline.”

The SMSL member did not update full-year PV module shipment guidance that has stood at 4.0GW to 4.3GW since the first quarter of 2015.

However, shipment levels in the first nine-months (low-end of revised Q3 guidance) indicate full-year guidance at the low-end would need to be raised above the previous high-end guidance, possibly with the release of third quarter financial results on Tuesday, November 10.

Nearest SMSL rival, Trina Solar revised full-year shipment guidance in the second quarter of 2015, taking its shipment target to a range of 4.9GW to 5.1GW.

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