A fortnight before it reveals its third quarter earnings, global solar company Canadian Solar has revealed it will exceed its original Q3 guidance.
In a press release published on Monday, Canadian Solar, one of the world’s leading solar companies, updated its business outlook for the third quarter of 2015 (Q3) to reflect the higher than expected solar demand it experienced during the quarter, as well as the sale of 51% of the 200 MW Tranquility solar power project in California by its subsidiary company, Recurrent Energy.
According to the company’s statement, Canadian Solar is now expecting its third quarter solar module shipments to be in the range of approximately 1.18 GW to 1.23 GW, well in advance of its original guidance of between 970 MW and 1.02 GW.
Further, Canadian Solar expects total revenue for Q3 to fall between $805 million and $815 million, greatly exceeding its original guidance of between $570 million to $620 million.
“We ended the third quarter with stronger than expected demand in our solar module business, led by the US, the UK, Canada, and Japan,” explained Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “We also benefited from the sale of a controlling interest in our 200 MW Tranquillity project in California. We are entering the fourth quarter of 2015 in an excellent competitive and financial position. We expect to see continued robust demand levels in our solar module business and we continue to execute on our already robust and steadily expanding utility-scale solar project development pipeline.”
Canadian Solar is also expecting its gross margin for Q3 to be at or slightly above the high end of their previous guidance of between 12% and 14%.