Canadian Solar reports record revenue and shipments for 2014

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Updated: Major PV energy provider, Canadian Solar, has reported record revenue and shipments for 2014.

The company shipped a total of 3,105MW of PV modules in 2014, exceeding guidance of 2.73GW – 2.78GW, with 2,813MW recognised in revenue.

Total net revenue for 2014 was US$2.96 billion, compared to US$1.65 billion in 2013 and full year 2014 guidance in the range of US$2.93 billion to US$2.98 billion. 

Total module shipments in the fourth quarter of 2014 were 1,125MW, with 897MW recognized in revenue, compared to 770MW recognised in revenue in the third quarter of 2014, and surpassing fourth quarter guidance of 810MW to 860MW. 

Net revenue in the fourth quarter was US$956.2 million, compared to US$914.4 million in the third quarter of 2014 and fourth quarter guidance in the range of US$925 million to US$975 million. 

Shawn Qu, chairman and CEO of Canadian Solar, said: “This was a record year for Canadian Solar. We achieved new high water marks in terms of solar projects sold, solar modules shipped, revenue, net income and free cash flow. Our success in monetizing our global solar project pipeline has strengthened our balance sheet, which has allowed us to secure new projects to replenish our pipeline, as evidenced by our acquisition of projects in Japan, and the United Kingdom as well as our recently announced acquisition of Recurrent. The Recurrent acquisition, which is expected to close in the first quarter of 2015, is a significant milestone, as it expands our total project pipeline to 8.5 GW, with approximately 2.4 GW of late-stage projects representing a revenue opportunity of at least $6.0 billion over the next two to three years, under a build-and-sell business model. This gives us a level of stability and visibility unique in the solar power industry and further consolidates Canadian Solar's position as a Tier 1 global leader in the solar industry.” 

With Canadian Solar smashing shipment records amongst other metrics, the company is set to climb one position in the top 10 PV manufacturing rankings. 

As JinkoSolar reported total 2014 shipments of 2,943.6MW, a 65% increase over the previous year the company looked set to move up the rankings from fifth to third. 

However, Canadian Solar’s 3,105MW of shipments in 2014 elevates the company to third position, up from its fourth place ranking in 2013. 

Guidance and analysis

Canadian Solar guided shipments for the full year 2015 to be in the range of approximately 4.0GW to 4.3GW, including 3,300MW to 3,500 MW of third-party module sales.

However, the shipment guidance not only surpasses that of JinkoSolar (3.3GW-3.8GW) by a wide margin but could close in on Yingli Green, which has yet to report full-year results and give 2015 guidance as well as Trina Solar.

Leading PV manufacturer Trina Solar guided 2015 module shipments to be between 4.4GW and 4.6GW

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