Canadian Solar Inc. announced its first quarter fiscal year 2015 earnings result on Thursday May 7. The solar cell maker company was able to post earnings of $1.04 per share 44 cents more than consensus estimate of 60 cents. The company also reported $860.9 million in revenue against $735.12 million estimated by analyst. The first quarter earnings also rose considerably from $0.07 a share in the prior year quarter.
Company’s total solar module shipments were around 1.23 GW in the first quarter, out of which 1.03 GW was known in revenue, as compared to 897 MW in revenue in the previous quarter of fiscal year 2014 and from 1Q guidance in 1 GW to 1.03 GW range.
Net revenue for the quarter was $860.9 million lower than previous quarter revenue of $956.2 million.
Chairman and CEO of Canadian Solar Panel , Dr. Shawn said, "This is an exciting time for us to be in the solar industry. All of our hard work since founding the Company has positioned Canadian Solar as a strong global leader of the solar industry. We are in the right markets with an excellent team capable of delivering on our growth strategy. We have always taken a long-term view on the solar energy market. Our goal is to build upon Canadian Solar strengths, to create sustainable value for our shareholders”.
During the 1QFY15, the company’s late stage solar projects rose roughly by 1 to 2.5 GW mainly because of recurrent acquisitions. These projects consist of joint venture, owned projects and projects where Canadian Solar offers procurement, engineering and construction services.
As previously reported, in Canada, the company had shut down 3 solar plants, namely, Gelarm, GoldLight, and CityLights, which totals 30 MW AC and was valued at $162 million. The late stage, utility scale project pipeline of the company in Ontario now stood at roughly 184.2 MW DC, reflecting an opportunity for revenue of 600 million Canadian dollars as the projects are finished and can recognize revenue under their US GAAP rules and regulations.
Canadian Solar stock was up 1.04% to $34.28 at market close on Thursday May 7 and declined further by 0.29% to $34/18 during after hour trading.
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