logo
Plus   Neg
Share
Email

Canadian Solar Reiterates 2021 Module Shipment Guidance - Quick Facts

Canadian Solar Inc. (CSIQ) reiterated and narrowed its full year 2020 module shipment guidance of to 11.2 GW to 11.3 GW. The company also reiterated full year 2021 shipment guidance of 18 GW to 20 GW.

For the fourth quarter, the company expects total module shipments to be in the range of 2.9 GW to 3.0 GW, including approximately 350 MW of module shipments to own projects that may not be immediately recognized as revenues. Total revenues are expected to be in the range of $980 million to $1.015 billion. Gross margin is anticipated to be between 8% and 10%.

Shawn Qu, CEO, said: "Our updated module shipment guidance reflects the impact of the shortage of certain raw material supply and subsequent price increase, which is affecting our immediate term production plans and resulting in higher costs. That said, we have plans to mitigate the profit margin pressure. Some of the higher cost burden will be shared with our customers."

Third quarter total module shipments grew by 33% year-over-year to 3,169 MW driven by strong global demand growth. Net revenue grew by 20% to $914 million. Net income attributable to Canadian Solar was $8.8 million, or $0.15 per share, after the adverse impact of a $12.6 million withholding tax expense in China related to a special dividend distribution from the Module and System Solutions subsidiary to the company.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amazon Web Services or AWS, the cloud division of Amazon, announced the launch of new virtual computing instances, known as EC2 Mac instances, for Apple app developers. The new Mac instances will help AWS users to run Apple's macOS operating system on Amazon Elastic Compute Cloud or Amazon EC2. EC2 Mac instances will allow customers to run on-demand macOS workloads in the AWS cloud. You stand a chance to win a free mouth-watering and saucy McRib Sandwich from McDonald's, that will be reintroduced on December 2 after being off its menu since 2012. But there is a condition. McDonald's will be giving out a FREE McRib to the first 10,000 entries that post a picture of their cleanly-shaven or baby-smooth face on their public Twitter or public Instagram profile. Amazon's cloud platform Amazon Web Services or AWS announced an extension to its agreement with Zoom Video Communications, Inc. to be its preferred cloud provider. The multi-year agreement is expected to enable Zoom to rise to the challenges brought by the COVID-19 pandemic.
Follow RTT