Canadian Solar reports record financial results for 2022

Canadian Solar Inc (NASDAQ:CSIQ) on Tuesday reported strong numbers in the last quarter of the year, with solar module shipments and revenues better than expected, in line with preliminary data released by the company last month.

Net income attributable to Canadian Solar reached US$77.8 million (€72.6 million), surpassing the company’s recent estimate of US$70 million. The result was almost unchanged from the previous quarter and up from $26 million a year ago.

Revenue increased 29% year-on-year to $1.97 billion as solar module shipments jumped 68% to 6.4 GW. Gross profit amounted to 17.7%, which is the upper limit of the forecast range.

“In 2022, we delivered record financial results with revenue up 42% and net income attributable to shareholders up 152%,” said Chairman and CEO Shawn Qu. He noted that the industry is poised for significant global demand as investments in clean energy become attractive. both from an economic and sustainability point of view.

Annual net income attributable to Canadian Solar rose to $240 million and revenue increased to $7.47 billion. Solar module shipments by Canadian Solar subsidiary CSI Solar were also at a record 21.1 GW, up 45% from 2021.

The CEO said that “CSI Solar’s spin-off IPO has just been approved by the China Securities Regulatory Commission as we speak today.”

In the “seasonally milder” first quarter of the new year, Canadian Solar expects $1.6 billion to $1.8 billion in revenue and module shipments in the 5.9 GW to 6.2 GW range. Gross margin is between 18% and 20%.

“Profits are growing as we continue to implement our vertical integration and cost reduction programs, which are also supported by lower raw material costs,” said Shong Qu. “In terms of operating profit, we expect to gain operating leverage this year through strong volume growth, especially given the reduction in unit logistics costs,” he added.

The company confirmed its forecast for deliveries of modules with a capacity of 30 GW to 35 GW in 2023. The annual revenue is expected to be between 8.5 and 9.5 billion US dollars.

(1 USD = 0.933 EUR)

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