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Canadian Solar Q4, full-year 2018 earnings rise YOY

Canadian Solar Inc. on March 21 reported adjusted net income attributable to the company of $99.5 million, or $1.61 per share. The result excludes the U.S countervailing duty reversal of $16.1 million, net of income tax effect.

Net income attributable to the company was $111.6 million, or $1.81 per share, for the fourth quarter of 2018, rising from $61.4 million, or $1.01 per share, in the same quarter of 2017.

Net revenues for the quarter were $901 million, a drop from $1.11 billion in the comparable quarter of 2017. The result beats the fourth-quarter 2018 net revenues guidance range of $850 million to $900 million. Fourth-quarter income from operations rose to $136.6 million in 2018, from $130.2 million a year earlier.

Total solar module shipments were 1,951 MW, compared to 1,590 MW in the third quarter of 2018 and the revised fourth-quarter guidance of 1.9 GW to 1.95 GW.

On a full-year basis, Canadian Solar posted adjusted net income attributable to the company of $199.4 million, or $3.28 per share.

Net income attributable to the company was $237.1 million, or $3.88 per share, compared to $99.6 million, or $1.69 per share, in 2017.

The company recorded net revenue of $3.74 billion, improving from $3.39 billion in 2017. Income from operations totaled $364.7 million, rising from $269.3 million in 2017.

Canadian Solar shipped 6,615 MW of solar modules for the full year of 2018, compared to 6,828 MW in 2017 and the revised full-year guidance of 6.56 GW to 6.61 GW.

"2018 was a record year for us as our revenue, total module shipments and gross margin all exceeded our expectations for both the fourth quarter and full year 2018," Canadian Solar Chairman and CEO Shawn Qu said.

As of Feb. 28, the company's late-stage, utility-scale solar project pipeline, including those in construction, totaled approximately 2.9 GWp, with 1,210 MWp in the U.S., 476.2 MWp in Brazil, 368 MWp in Mexico, 295.1 MWp in Japan, 100 MWp in China and additional 450.1 MWp in Australia, Argentina, Canada, Taiwan, the Philippines, India, Malaysia, Italy and South Korea.

Looking ahead, the company is targeting first-quarter 2019 revenue in the range of $450 million to $480 million and module shipments in the range of 1.3 GW to 1.4 GW, including approximately 50 MW of shipments to company-owned projects that may not be recognized as revenue during the first quarter.

For 2019, the company expects revenues in the range of $3.5 billion to $3.8 billion and total module shipments in the range of 7.4 GW to 7.8 GW.