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Canadian Solar Reports Record Results for the Third Quarter 2014 Canadian Solar Inc.2 hours ago

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GUELPH, Ontario, Nov. 12, 2014 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (CSIQ), one of the world's largest solar power companies, today reported its financial results for the third quarter ended September 30, 2014.

Third Quarter 2014 Highlights

Solar module shipments were 770 MW, compared to 646 MW in the second quarter of 2014 and third quarter guidance in the range of 720 MW to 750 MW.Net revenue was $914.4 million, compared to $623.8 million in the second quarter of 2014 and third quarter guidance in the range of $760 million to $810 million.Net revenue from the total solutions business, as a percentage of total net revenue, was 53.8% compared to 32.6% in the second quarter of 2014.Gross margin was 22.9%, compared to 19.0%, in the second quarter of 2014 and to third quarter guidance in the range of 19% to 21%.Net income attributable to Canadian Solar in the third quarter of 2014 was $104.2 million, or $1.75 per diluted share, compared to $55.8 million, or $0.95 per diluted share, in the second quarter of 2014.Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $817.2 million, compared to $788.3 million at the end of the second quarter of 2014.Net cash generated from operating activities was $ 204.1 million, compared to net cash used in operating activities of $44.3 million in the second quarter of 2014.During the quarter, the Company closed the sale of five solar power plants in Ontario, Canada, valued at over C$306 million.

Third Quarter 2014 Results

Net revenue for the third quarter of 2014 was $914.4 million, up 46.6% from $623.8 million in the second quarter of 2014 and up 86.3% from $490.9 million in the third quarter of 2013. Total solar module shipments in the third quarter of 2014 were 770 MW, compared to 646 MW in the second quarter of 2014 and 478 MW in the third quarter of 2013. Solar module shipments in the third quarter of 2014 included 173 MW used in the Company's total solutions business, compared to 70 MW in the second quarter of 2014 and 60 MW in the third quarter of 2013.

By geography, in the third quarter of 2014, sales to the Americas represented 71.7% of net revenue, sales to Asia and other markets represented 20.9% of net revenue, and sales to Europe represented 7.4% of net revenue, compared to 55.5%, 29.8% and 14.7%, respectively, in the second quarter of 2014 and 46.9%, 43.6% and 9.5%, respectively, in the third quarter of 2013.

Q3 2014

Q2 2014

Q3 2013

US$M

%

US$M

%

US$M

%

The Americas

655.3

71.7

346.0

55.5

230.3

46.9

Asia and others

191.6

20.9

186.2

29.8

214.2

43.6

Europe

67.5

7.4

91.6

14.7

46.4

9.5

Total

914.4

100.0

623.8

100.0

490.9

100.0

Gross profit in the third quarter of 2014 was $209.3 million, compared to $118.2 million in the second quarter of 2014 and $100.2 million in the third quarter of 2013. The sequential increase in gross profit was primarily due to higher contribution from the Company's total solutions business. The year-over-year increase in gross profit was primarily due to higher revenue contribution from the Company's total solutions business, as well as higher module shipments and lower module manufacturing cost. Gross margin in the third quarter of 2014 was 22.9%, compared to 19.0%, in the second quarter of 2014 and 20.4% in the third quarter of 2013.

Total operating expenses were $53.2 million in the third quarter of 2014, up 5.3% from $50.5 million in the second quarter of 2014 and 18.4% from $44.9 million in the third quarter of 2013.

Selling expenses were $35.4 million in the third quarter of 2014, up 20.0% from $29.5 million in the second quarter of 2014 and 66.4% from $21.2 million in the third quarter of 2013. The sequential increase in selling expenses was primarily due to the increase in sales commission, shipping and handling expenses as a result of higher shipment volume. The year-over-year increase in selling expenses was primarily due to higher labor costs and higher module shipment volume.

General and administrative expenses were $14.7 million in the third quarter of 2014, down 19.2% from $18.2 million in the second quarter of 2014 and 29.3% from $20.7 million in the third quarter of 2013. The sequential decrease in general and administrative expenses was primarily due to a $4.4 million reversal of bad-debt expense. The year-over-year decrease in general and administrative expenses was due to lower bad debt expense partially off-set by higher labor costs.

Research and development expenses were $3.2 million in the third quarter of 2014, compared to $2.9 million in the second quarter of 2014 and $3.0 million in the third quarter of 2013.

Operating margin was 17.1% in the third quarter of 2014, compared to 10.9% in the second quarter of 2014 and 11.3% in the third quarter of 2013.

Interest expense was $12.0 million in the third quarter of 2014, compared to $12.8 million in the second quarter of 2014 and $11.8 million in the third quarter of 2013. The sequential decrease in interest expense was primarily due to lower interest rates and lower bank borrowings.

Interest income in the third quarter of 2014 was $3.7 million, compared to $3.6 million in the second quarter of 2014 and $2.7 million in the third quarter of 2013.

The Company recorded a gain on change in fair value of derivatives of $15.4 million in the third quarter of 2014, compared to a loss on change in fair value of derivatives of $3.2 million in the second quarter of 2014 and a loss on change in fair value of derivatives of $1.6 million in the third quarter of 2013. Net foreign exchange loss in the third quarter of 2014 was $20.9 million compared to a net foreign exchange gain of $7.6 million in the second quarter of 2014 and a net foreign exchange gain of $2.3 million in the third quarter of 2013.

Income tax expense in the third quarter of 2014 was $34.4 million, compared to income tax expense of $8.3 million in the second quarter of 2014 and income tax expense of $12.4 million in the third quarter of 2013.

Net income attributable to Canadian Solar in the third quarter of 2014 was $104.2 million, or $1.75 per diluted share, compared to net income of $55.8 million, or $0.95 per diluted share, in the second quarter of 2014, and net income of $27.7 million, or $0.56 per diluted share, in the third quarter of 2013.

Financial Condition