Canadian Solar Inc. on May 16 reported net income attributable to the company of $43.4 million, or 72 cents per share, for the first quarter, compared to a net loss of $13.3 million, or a loss of 23 cents per share, in the comparable quarter of 2017.
Net revenues for the quarter were $1.42 billion, climbing from $677 million a year earlier, beating its revenues guidance range of $1.37 billion to $1.40 billion.
The solar manufacturer and developer reported gross profit of $143.9 million, up from $91.4 million a year earlier. The company also reported income from operations of $78.2 million, compared to a loss from operations of $2.3 million in the first quarter of 2017.
Total solar module shipments were 1,374 MW in the first quarter, compared to the company's guidance range of 1,300 MW to 1,350 MW.
"Results for the first quarter 2018 are within our expectations, with solar module shipments and revenue exceeding our guidance," Canadian Solar Chairman and CEO Shawn Qu said.
Looking ahead, the company expects total solar module shipments to be approximately 1,500 MW to 1,600 MW for the second quarter. Total revenue for the second quarter was set in a range of $690 million to $730 million.
"We expect a shift in global demand to developing markets to offset China, India and the U.S. We also expect demand in other markets to improve, including Europe, Africa, Argentina and Mexico. These trends align themselves with the company's global footprint and should serve as a catalyst for continued growth," Qu said.
