Canadian Solar Inc

Latest Results (07.08.2024):

Revenue Performance

Canadian Solar Inc. reported net revenues of $1.3 billion for the first quarter of 2024, which was in line with their guidance range of $1.2 billion to $1.4 billion. This represents a 22% decrease both quarter-over-quarter and year-over-year, primarily due to a decline in solar module shipment volume and average selling prices, partially offset by higher battery energy storage solutions sales.

Gross Margin

The gross margin for Canadian Solar Inc. in the first quarter of 2024 was 19.0%, at the high end of their guidance range of 17% to 19%. This was an improvement from the 12.5% gross margin in the fourth quarter of 2023 and slightly higher than the 18.7% gross margin in the first quarter of 2023. The increase was mainly driven by lower manufacturing costs and a higher margin contribution from battery energy storage solutions sales.

Net Income

Canadian Solar Inc. achieved a net income of $12 million, or $0.19 per diluted share, in the first quarter of 2024. This is a significant improvement compared to a net loss of $1 million, or $0.02 per diluted share, in the fourth quarter of 2023. However, it is a decrease from the net income of $84 million, or $1.19 per diluted share, reported in the first quarter of 2023.

Module Shipments

In the first quarter of 2024, Canadian Solar Inc. shipped a total of 6.3 GW of solar modules, which was within their guidance range of 6.1 GW to 6.4 GW. This represents a 4% increase year-over-year. Of the total shipments, 236 MW were directed to the company's own utility-scale solar power projects.

Cash Position and Debt

As of March 31, 2024, Canadian Solar Inc. had a strong cash position of $2.9 billion. Total debt increased to $4.3 billion, up from $3.6 billion as of December 31, 2023. The increase in debt was due to incremental borrowings for working capital, additional vertical integration for CSI Solar, and new project development for Recurrent Energy.