While it achieved record efficiency rates for its solar cells, the company improved profit margins and operational efficiencies in Q3.
Canadian Solar (NASDAQ:CSIQ), a leading manufacturer of solar panels announced a decline in revenues over the quarter, falling to US$759.9 million compared to third quarter guidance of US$780 to US$810 million. In spite of this, its net income came in at US$58.3 million, equaling US$0.96 per diluted share while it stood on a hefty cash balance of over US$1 billion.
As quoted in the press release:
Net revenue in the third quarter of 2019 was $759.9 million, compared to $1.0 billion in the second quarter of 2019, and $768.0 million in the third quarter of 2018. The sequential decline primarily reflects the lower revenue from the sale of solar power plants.
Total solar module shipments in the third quarter of 2019 were 2,387 MW, compared to 2,143 MW in the second quarter of 2019 and third quarter 2019 guidance of 2.2 GW to 2.3 GW. Total solar module shipments in the third quarter of 2019 included 61 MW shipped to the Company’s utility-scale solar power projects. Solar module shipments recognized in revenue in the third quarter of 2019 totaled 2,156 MW, compared to 2,376 MW in the second quarter of 2019 and 1,521 MW in the third quarter of 2018.