Canadian Solar Inc. reported net income attributable to the company for fourth quarter 2017 of $61.4 million, or $1.01 per diluted share, up from a net loss of $13.3 million, or 23 cents per diluted share, in the fourth quarter of 2016.
The results beat the S&P Capital IQ consensus normalized EPS estimate of 95 cents.
The Ontario-based company recorded revenue for the 2017 fourth quarter of $1.11 billion, a 65.9% surge from $668.4 million in the comparable quarter of 2016. The revenue results beat the expected fourth-quarter 2017 guidance range of $1.04 billion to $1.08 billion, according to a March 19 release.
Canadian Solar posted operating expenses for the most-recent quarter of $88.4 million, up 45.6% from $60.7 million for the same period of 2016. Income from operations rose to $130.2 million in the 2017 fourth quarter, compared to a loss from operations of $11.8 million in the corresponding quarter of 2016.
"Our record-high solar module shipments for the full year 2017 were driven by strong demand from China, India, Europe and the United States. We are also pleased with the impressive project sale momentum we achieved, led by demand for our highly-attractive project assets, which we have carefully built up over the past few years in key markets worldwide," Canadian Solar Chairman and CEO Shawn Qu said.
On an annual basis, Canadian Solar's net income attributable to the company for full year 2017 was $99.6 million, or $1.69 per diluted share, easily topping the full-year S&P Capital IQ consensus normalized EPS estimate of $1.03.
In 2017, the company recorded revenue of $3.39 billion, an increase from $2.85 billion in 2016. Canadian Solar posted full-year 2017 operating expenses of $368.3 million, up from $324 million for 2016.
The company reported income from operations of $269.3 million in 2017, compared to $93.2 million in 2016.
Canadian Solar shipped 1,831 MW of solar modules during the fourth quarter of 2017.
The company said it expects first-quarter 2018 revenue at between $1.37 billion and $1.40 billion and module shipments at between 1.30 GW and 1.35 GW, including approximately 65 MW of shipments to company-owned projects that may not be recognized as revenue during the first quarter.
For full-year 2018, the company expects total module shipments in the range of about 6.6 GW to 7.1 GW. Total revenue for 2018 is expected to be $4.4 billion to $4.6 billion, of which 53% is expected to come from the solar module and components business.