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Canadian Solar Q2'19 earnings grow YOY

Canadian Solar Inc. on Aug. 15 reported net income attributable to the company of $62.7 million, or $1.04 per share, in the second quarter of 2019, compared to net income of $15.6 million, or 26 cents per share, in the prior-year period.

Net revenues were $1.04 billion, up from $650.6 million in the second quarter of 2018, mainly due to higher solar module shipments and higher revenue from the sale of solar power plants.

Solar module shipments totaled 2,143 MW in the second quarter, compared to module shipment guidance for the period of 1.95 GW to 2.05 GW.

"Overall, we are incrementally more positive in the outlook for the second half of 2019 based on the improved visibility, healthy demand levels in key markets, more stable average selling prices and higher capacity utilization levels," Canadian Solar Chairman and CEO Shawn Qu said in an earnings release.

Looking ahead, Canadian Solar expects third-quarter 2019 revenue in the range of $780 million to $810 million. Solar module shipments in the same period are expected to be in the range of approximately 2.2 GW to 2.3 GW.

For full year 2019, the company raised its guidance for total revenue to be in the range of $3.5 billion to $3.8 billion. Full-year 2019 total solar module shipments are expected to be in the range of approximately 8.4 GW to 8.5 GW, up from previous guidance of 7.4 GW to 7.8 GW.