Canadian Solar Inc., one of the world’s largest solar companies, today announced its financial results for the second quarter ended June 30, 2011, reflecting a solid quarter with increases across the board.
Net revenue for the second quarter of 2011 was $481.8 million, up 8.7 percent from $328.7 million in the second quarter of 2010.
Gross profit for the second quarter of 2011 was $63.7 million, up 42.8 percent from $44.6 million in the second quarter of 2010. Gross margin was 13.2 percent in the second quarter of 2011 compared to 13.6 percent in the second quarter of 2010.
The company reported net income for the second quarter of 2011 at $7.1 million, or $0.16 per diluted share, compared to net income of $3.2 million, or $0.07 per diluted share, for the second quarter of 2010.
As of June 30, 2011 Canadian Solar had $686.3 million in cash, cash equivalents and restricted cash compared to $477.6 million at the end of the first quarter of 2011 and $476.2 million as of December 31, 2010.
Dr. Shawn Qu, chairman and CEO of Canadian Solar, said the company’s second quarter achievements were boosted by significant customer wins and two major strategic capacity joint-ventures.
“This was a solid quarter for Canadian Solar,” Dr. Qu stated in the press release. “We achieved impressive shipment growth due to our strategy of building desired capacity, our track record of quality, performance and service, and our increased brand recognition worldwide. We are confident we can continue to gain market share, based on continued strength in Germany, Italy, and the U.S., along with a rebound in Japan and the benefit of new regions, including India. We have also seen the market in Canada picking up in the past month.”
For the third quarter of 2011, the company said it anticipates recognized shipments to be in the range of approximately 350 MW to 360 MW with gross margin expected to be between 9 percent and 12 percent.
Canadian expects continued growth throughout 2010, boosted by its steady progress on integral research and development and new product development initiatives. The company said it expects to start commercial shipment of its ELPS modules in the fourth quarter of 2011, and that it anticipates strong global sales and service network driven by its technology innovations and diversified business strategy.
For more information, visit www.canadiansolar.com
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