GUELPH, Ontario, March 21, 2019 /PRNewswire/ -- Canadian Solar
Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the
world's largest solar power companies, today announced its
financial results for the fourth quarter and full year ended
December 31, 2018. The Company also
announced the appointment of Arthur (Lap Tat) Wong as an independent
director of the Company, effective March 8,
2019, which increased the size of the Board of Directors
from five to six directors.
Fourth Quarter 2018 and Related Highlights
- Total solar module shipments were 1,951 MW, compared to 1,590
MW in the third quarter of 2018 and the revised fourth quarter
guidance of 1.9 GW to 1.95 GW.
- Net revenue was $901.0 million,
compared to $768.0 million in the
third quarter of 2018 and the revised fourth quarter 2018 guidance
of $850 million to $900 million.
- Gross margin was 30.1%, including the benefit of a U.S
countervailing duty (CVD) reversal of $16.1
million, compared to 26.1% in the third quarter of 2018, and
the revised fourth quarter guidance of 27.0% to 28.0%. Excluding
the CVD reversal benefits, gross margin was 28.3%, compared to
25.0% in the third quarter of 2018.
- Net income attributable to Canadian Solar was $111.6 million, or $1.81 per diluted share, compared to net income
of $66.5 million, or $1.09 per diluted share, in the third quarter of
2018.
- Non-GAAP adjusted net income attributable to Canadian Solar was
$99.5 million, or $1.61 per diluted share. This excludes the CVD
reversal of $16.1 million, net of
income tax effect. For a reconciliation of results under generally
accepted accounting principles in the
United States ("GAAP") to non-GAAP results, see accompanying
tables "Reconciliation of U.S. GAAP to Non-GAAP Financial
Measures"
- During the quarter, the Company completed sales of the Garland
and Tranquillity solar power plants totaling 260 MWp and the 210
MWp Mustang 2 solar power project (at pre-NTP stage) in the U.S.,
247 MWp of solar power plants in China and its 20% interest in the 399 MWp
Pirapora portfolio in Brazil.
- As of February 28, 2019, the
Company's portfolio of utility-scale solar power plants in
operation was approximately 986 MWp with an estimated total resale
value of approximately $1.2 billion.
Only the value of the class B shares which the Company holds in its
tax equity solar power plant in the U.S. is included in this resale
value.
Full Year 2018 Results
- Total solar module shipments were 6,615 MW, compared to 6,828
MW in 2017 and the revised full year guidance in the range of 6.56
GW to 6.61 GW.
- Net revenue was $3.74 billion,
compared to $3.39 billion in 2017 and
the revised full year guidance in the range of $3.69 billion to $3.74
billion.
- Net income attributable to Canadian Solar was $237.1 million, or $3.88 per diluted share, compared to $99.6 million, or $1.69 per diluted share in 2017.
- Non-GAAP adjusted net income attributable to Canadian Solar was
$199.4 million, or $3.28 per diluted share. (This excludes the
benefit of a U.S. AD/CVD reversal of $50.2
million, net of income tax effect.)
- Net cash provided by operating activities was approximately
$216.3 million, compared to
$203.9 million in 2017.
Fourth Quarter 2018 Results
Net revenue in the fourth quarter of 2018 was $901.0 million, an increase of 17.3% from
$768.0 million in the third quarter
of 2018, as the Company benefited from the successful monetization
of solar power projects and increased solar module shipments.
Net revenue in the fourth quarter of 2018 declined 18.7% from
$1.11 billion in the fourth quarter
of 2017, due to a lower average module selling price and
reduction in project revenue. The revised fourth quarter 2018
guidance was $850 million to
$900 million.
Total solar module shipments in the fourth quarter of 2018 were
1,951 MW, compared to 1,590 MW in the third quarter of 2018 and the
revised fourth quarter of 2018 guidance of 1,900 MW to 1,950 MW.
Total solar module shipments in the fourth quarter of 2018 included
169 MW shipped to the Company's utility-scale solar projects. Solar
module shipments recognized in revenue in the fourth quarter of
2018 totaled 2,076 MW, compared to 1,521 MW in the third
quarter of 2018 and 1,983 MW in the fourth quarter of
2017.
Gross profit in the fourth quarter of 2018 was $271.3 million, compared to $200.4 million in the third quarter of 2018 and
$218.6 million in the fourth quarter
of 2017. Gross margin in the fourth quarter of 2018 was 30.1%,
compared to 26.1% in the third quarter of 2018 and 19.7% in the
fourth quarter of 2017. The fourth quarter gross margin included
the benefit of a CVD reversal of $16.1
million. Excluding the CVD reversal benefits, gross
margin would be 28.3%, compared to 25.0% in the third quarter of
2018. The revised fourth quarter guidance was 27.0% to 28.0%. The
sequential increase in gross margin was primarily due to the
realization of deferred module profits after project sales and a
lower blended module manufacturing cost, partially offset by a
lower average module selling price. The year-over-year increase in
gross margin was primarily due to the benefit of the CVD reversal
and a lower blended module manufacturing cost, partially offset by
a lower average module selling price. Gross margin for the
Company's MSS business in the fourth quarter 2018 was 31.7%, or
28.8% excluding the CVD reversal benefit. This compares to a gross
margin of 25.1% in the third quarter 2018, or 23.4% excluding the
CVD reversal benefit in that quarter, and 15.4% in the fourth
quarter of 2017. Gross margin for the Company's Energy business for
the fourth quarter of 2018 was 27.5%, compared to 28.2% in the
third quarter of 2018 and 27.9% in the fourth quarter of
2017.
The Company has been operating in two principal businesses since
2016: MSS and Energy. The MSS business comprises primarily the
design, development, manufacture and sale of solar modules, other
solar power products and solar system kits. The MSS business also
provides engineering, procurement and construction (EPC) and
operating and maintenance (O&M) services. The Energy business
comprises primarily the development and sale of solar projects,
operating solar power projects and the sale of electricity. The
module sales from the Company's MSS business to its Energy business
are on terms and conditions similar to sales to third parties.
The Company develops solar power projects worldwide. Where
applicable, the Company may apply for and/or be entitled to receive
a feed-in tariff (FIT) for its projects. Alternatively, the Company
may participate in public or private energy auctions and bidding,
which results in long-term power purchase agreements (PPA). The
Company may also sell all or part of the electricity generated from
its solar power projects on the merchant power market. Because of
the longer lead time (two to four years) to develop solar power
projects and bring them to a commercial operation date (COD), the
actual gross margin for a project may deviate from the expected
gross margin. The deviation may be caused by, but are not limited
to, changes in the political and economic conditions in host
countries, project specific conditions, price movements of solar
modules and other components, EPC services and the capital return
requirements of solar asset buyers. In recent years, the Company
has sold some solar power projects before COD. We typically refer
these sales as "notice to proceed" or NTP sales. Revenue will be
lower, while gross margin percentage will be higher, in NTP sales
compared to COD sales, even if the absolute margin is the same.
Results from the Company's Energy business may be lumpy from
quarter to quarter, depending on project NTP or COD dates, project
sale transaction dates and the profit level of each project.
The following table summarizes the Company's
revenues, gross profit and income from operations generated
from each business for the periods indicated:
|
|
Three Months Ended
December 31, 2018
|
|
|
(in Thousands of
US Dollars)
|
|
|
MSS
|
|
Energy
|
|
Elimination
|
|
Total
|
Net
revenues
|
|
629,716
|
|
336,214
|
|
(64,889)
|
|
901,041
|
Cost of
revenues
|
|
472,229
|
|
243,923
|
|
(86,420)
|
|
629,732
|
Gross
profit
|
|
157,487
|
|
92,291
|
|
21,531
|
|
271,309
|
Income from
operations*
|
|
52,829
|
|
62,204
|
|
21,531
|
|
136,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2018
|
|
|
(in Thousands of
US Dollars)
|
|
|
MSS
|
|
Energy
|
|
Elimination
|
|
Total
|
Net
revenues
|
|
2,413,889
|
|
1,575,594
|
|
(244,971)
|
|
3,744,512
|
Cost of
revenues
|
|
1,923,131
|
|
1,302,779
|
|
(256,480)
|
|
2,969,430
|
Gross
profit
|
|
490,758
|
|
272,815
|
|
11,509
|
|
775,082
|
Income from
operations*
|
|
141,609
|
|
211,539
|
|
11,509
|
|
364,657
|
*The management added a new line
of "Income from operations" compared to the previous quarter
release in order to better disclose the earning power of the two
business groups. This line is, however, an estimate based on the
Company's management accounts as some services are shared by two
groups.
The following table provides a further breakdown of the
Company's revenues generated from different products or
services:
|
|
Three Months
Ended December
31, 2018
|
|
Twelve Months
Ended December
31, 2018
|
|
|
(in Thousands of
US Dollars)
|
MSS:
|
|
|
|
|
Solar modules and other
solar power products
|
|
498,538
|
|
1,930,701
|
Solar system kits
|
|
24,420
|
|
93,253
|
EPC and development
services
|
|
21,139
|
|
62,408
|
O&M services
|
|
3,296
|
|
10,767
|
Other
|
|
17,434
|
|
71,789
|
Energy:
|
|
|
|
|
Solar power
projects
|
|
326,469
|
|
1,542,906
|
Electricity
|
|
1,615
|
|
8,735
|
Other
|
|
8,130
|
|
23,953
|
Total net
revenues
|
|
901,041
|
|
3,744,512
|
Total operating expenses in the fourth quarter of 2018 were
$134.7 million, compared to
$104.5 million in the third
quarter of 2018 and $88.4 million in the fourth quarter of 2017.
The sequential and year-over-year increases were primarily due to a
$26.8 million impairment charge
related to certain manufacturing assets, and a $6 million increase in transaction fees
associated with project sales.
Selling expenses in the fourth quarter of 2018 were $44.4 million, compared to $38.4 million in the third quarter of 2018 and
$39.9 million in the fourth quarter
of 2017. The sequential increase was primarily due to an increase
in project transaction fees and shipping and handling expenses. The
year-over-year increase was primarily due to higher project
transaction fees and increased professional services expenses and
labor costs, partially offset by a decrease in shipping and
handling costs.
General and administrative expenses in the fourth quarter of
2018 were $81.3 million,
compared to $58.9 million in the
third quarter of 2018 and $69.7
million in the fourth quarter of 2017. The sequential and
year-over-year increases were primarily due to the above-mentioned
asset impairment charge and increased professional service
expenses, partially offset by a decrease in the provision for bad
debt.
Research and development expenses in the fourth quarter of 2018
were $15.4 million, compared to
$10.1 million in the third quarter of
2018 and $8.6 million in
the fourth quarter of 2017, as the Company further moved to
strengthen its leadership position by investing in and
commercializing solar technology enhancements, advancements and
efficiencies.
Other operating income in the fourth quarter of 2018 was
$6.4 million, compared to
$2.9 million in the third quarter of
2018 and $29.8 million in the fourth
quarter of 2017.
Income from operations in the fourth quarter of 2018 was
$136.6 million, compared to
$95.9 million in the third
quarter of 2018, and $130.2 million in the fourth quarter of
2017. Operating margin was 15.2% in the fourth quarter of 2018,
compared to 12.5% in the third quarter of 2018 and 11.7% in the
fourth quarter of 2017.
Non-cash depreciation and amortization charges in the fourth
quarter of 2018 were approximately $32.2
million, compared to $32.5 million in the third quarter of
2018 and $37.2 million in
the fourth quarter of 2017. Non-cash equity compensation expense in
the fourth quarter of 2018 was $2.4 million, compared to $2.5 million in the third quarter of 2018
and $2.2 million in the fourth
quarter of 2017.
Interest expense in the fourth quarter of 2018 was $23.0 million, compared to $26.8 million in the third quarter of
2018 and $33.5 million in the
fourth quarter of 2017.
Interest income in the fourth quarter of 2018 was $2.2 million, compared to $2.6 million in the third quarter of 2018
and $3.2 million in the fourth
quarter of 2017.
The Company recorded a loss on change in fair value of
derivatives in the fourth quarter of 2018 of $7.3 million, compared to
a loss of $8.9 million in
the third quarter of 2018 and a gain of $7.6 million in the fourth quarter of 2017.
Foreign exchange gain in the fourth quarter of 2018 was
$7.3 million, compared to a gain
of $10.1 million in the third
quarter of 2018, and a loss of $9.5 million in the fourth quarter of
2017.
Investment income in the fourth quarter of 2018 was $35.4 million, compared to $6.5 million in the third quarter of 2018 and a
loss of $3.6 million in the fourth
quarter of 2017. The sequential and year-over-year increase was
primarily due to investment income of $40.4
million from sale of non-controlling interests in
Tranquillity and Garland projects in the U.S. and Pirapora project
portfolio in Brazil, partially
offset by $5.0 million investment
impairment charge.
Income tax expense in the fourth quarter of 2018 was
$36.7 million, compared to
$13.4 million in the third
quarter of 2018 and $28.9 million in the fourth quarter of
2017.
Net income attributable to Canadian Solar in the
fourth quarter of 2018 was $111.6 million, or $1.81 per diluted share, compared to $66.5 million, or $1.09 per diluted share, in the third
quarter of 2018 and $61.4 million, or $1.01 per diluted share, in the fourth quarter of
2017.
Non-GAAP adjusted net income attributable to Canadian Solar in
the fourth quarter of 2018 was $99.5
million, or $1.61 per
diluted share. This excludes the impact of the CVD reversal,
net of income tax effect. For a reconciliation of GAAP to non-GAAP
results, see accompanying tables "Reconciliation of U.S. GAAP
to Non-GAAP Financial Measures".
Financial Condition
The Company had $941.0
million of cash, cash equivalents and restricted cash as of
December 31, 2018, compared to
$995.0 million as of
September 30, 2018.
Accounts receivable, net of allowance for doubtful accounts, at
the end of the fourth quarter of 2018 were $498.2 million, compared to $322.9 million at the end of the third
quarter of 2018. Accounts receivable turnover in the fourth quarter
of 2018 was 46 days, compared to 47 days in
the third quarter of 2018.
Inventories at the end of the fourth quarter of 2018 were
$262.0 million, compared to
$322.0 million at the end of the
third quarter of 2018. Inventory turnover in the fourth quarter of
2018 was 44 days, compared to 55 days in the third
quarter of 2018.
Accounts and notes payable at the end of the fourth quarter of
2018 were $749.2 million,
compared to $856.7 million at the end
of the third quarter of 2018.
Short-term borrowings and long-term borrowings on project
assets - current at the end of the fourth quarter of 2018 were
$1.3 billion, compared to
$1.9 billion at the end of the third
quarter of 2018. Long-term borrowings at the end of the fourth
quarter of 2018 were $393.6 million, compared to $120.2 million at the end of the third quarter of
2018.
Senior convertible notes totaled $127.4
million at the end of the fourth quarter of 2018, compared
to $127.2 million at the end of the
third quarter of 2018. The Company repaid the entire $127.5 million outstanding balance of senior
convertible notes in February
2019.
Total borrowings directly related to the Company's utility-scale
solar power projects were $735.1
million at the end of the fourth quarter of 2018, compared
to $1.07 billion at the end of the
third quarter of 2018, a decrease of $334.3
million. Total debt at the end of the fourth quarter of 2018
was approximately $1.96 billion,
compared to approximately $2.27
billion at the end of the third quarter of 2018, a decrease
of approximately $310 million.
Dr. Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar, commented: "2018 was a record
year for us as our revenue, total module shipments and gross margin
all exceeded our expectations for both the fourth quarter and full
year 2018. Our integrated business strategy and commitment to
profitability helped us achieve a new high for Canadian Solar, as
we delivered net income of $3.88 per diluted share. The acceleration on
the sale of certain solar power projects also positively
contributed to the revenue and profit in 2018. However, this will
reduce our project sales revenue and profit in 2019, as noted in
our outlook. Our portfolio of solar power plants in operation as of
February 28, 2019 was approximately
986 MWp, with an estimated total resale value of approximately
$1.2 billion. Our portfolio of
late-stage, utility-scale solar power projects as of February 28, 2019, including those under
construction, was approximately 2.9 GWp. Our focus remains on
downstream Energy Business where we can leverage our expertise and
competitive advantage to deliver a higher return on investment.
This includes consistently winning new projects in sought-after
markets, reliably developing projects on time and on budget and
leveraging our powerful global network of banking and investor
partners. We are also pleased with our continued success in
introducing innovative solar module products and expanding our
services to engineering, procurement and construction ("EPC"),
solar component sales and operation and maintenance
("O&M")."
Dr. Huifeng Chang, Senior Vice
President and Chief Financial Officer of Canadian Solar, added: "In
addition to the quarterly and yearly record net income, we achieved
a record quarterly gross margin of 30.1% or 28.3% excluding the
benefit of the US CVD reversal, as we continued to capture the
benefits of our operational cost and inventory controls, and
capitalize on declining raw material prices. We continue to
successfully execute on our project monetization efforts, with the
completion of the fourth quarter 2018 sales of 470 MWp solar
projects in the U.S., 247 MWp of solar power plants in China and our 20% interests in the 399 MWp
Pirapora portfolio in Brazil. Our
ability to successfully monetize our solar project assets, while
profitably running our module business, has allowed us to
strengthen our balance sheet, including an approximately 14%
reduction in debt in the fourth quarter of 2018 compared to the
third quarter and our repayment in February
2019 of the full $127.5
million outstanding balance of senior convertible
notes. We are also actively redeploying capital into
attractive project opportunities as we lay the groundwork for the
Company's future success."
Utility-Scale Solar Project Pipeline
The Company divides its utility-scale solar project pipeline
into two categories: an early-to-mid-stage pipeline and a
late-stage pipeline. The late-stage pipeline primarily includes
projects that have FITs or PPAs, and are expected to be built
within the next four years. The Company cautions that some
late-stage projects may not reach completion due to such as failure
to secure permits and grid connection, and changes of host country
political and economic conditions, among others.
Late-Stage Utility-Scale Solar Project Pipeline
As of February 28, 2019, the
Company's late-stage, utility-scale solar project pipeline,
including those in construction, totaled approximately 2.9 GWp,
with 1,210 MWp in the U.S., 476.2 MWp in Brazil, 368 MWp in Mexico, 295.1 MWp in
Japan, 100 MWp in China and
additional 450.1 MWp in Australia,
Argentina, Canada, Taiwan, the
Philippines, India,
Malaysia, Italy and South
Korea.
In the United States,
the Company completed the sale of Garland and Tranquillity solar
power plants totaling 260 MWp in October
2018. In December 2018, it
completed the sale of the 210 MWp Mustang 2 solar power project to
Solar Frontier Americas. Canadian Solar's wholly-owned subsidiary
Recurrent Energy will continue to develop Mustang 2 until it
reaches construction later in 2019. Also in December 2018, the Company signed both a 25-year
power purchase agreement for the 63 MWac/88 MWp Stanford Solar
Generating Station #2 project with Stanford
University and a long-term power purchase agreement on a 310
MWp project in Texas with a
leading commercial and industrial customer.
As of February 28, 2019, the
Company's late-stage, utility-scale solar project pipeline in the
U.S.* totaled 1,210 MWp as detailed in the table below.
Project
|
MWp
|
Storage
(MWh)
|
Location
|
Status
|
Expected
COD
|
Gaskell West
2
|
147
|
N/A
|
California
|
Development
|
2020
|
Pflugerville
|
185
|
N/A
|
Texas
|
Development
|
2020
|
Texas
Project
|
280
|
N/A
|
Texas
|
Development
|
2020
|
Texas Project
2
|
310
|
N/A
|
Texas
|
Development
|
2020
|
Slate
|
200
|
180
|
California
|
Development
|
2021
|
Stanford Solar
Generating Station #2
|
88
|
N/A
|
California
|
Development
|
2021
|
Total
|
1,210
|
|
|
|
|
*The above late-stage, utility-scale solar project pipeline in
the U.S. does not include the 100 MWac Sunflower project located in
Mississippi. In November 2018, the Company entered into a
build-to-transfer agreement with Entergy Mississippi on the
Sunflower project. As part of the agreement, Entergy Mississippi
will serve as both project owner and electricity off-taker once the
project is constructed and transferred to them. This
build-to-transfer agreement is pending approval by the Mississippi
Public Service Commission.
In Japan, as of
February 28, 2019, the Company's
late-stage, utility-scale solar project pipeline, for which
interconnection agreements and FIT have been secured, totaled
approximately 295.1 MWp, including 97.7 MWp under construction and
197.4 MWp under development.
The Japan Ministry of Economy Trade and Industry (METI)
finalized the rule change to the FIT program for 32, 36 and
40 yen projects that are not
operational. The Company's current pipeline of 295.1MWp in
Japan reflects the anticipated
impact of the final rule change.
The table below sets forth the expected COD schedule of the
Company's late-stage utility-scale solar power projects in
Japan, as of February 28,
2019:
Expected COD Schedule (MWp)
2019
|
|
2020
|
|
2021 and
Thereafter
|
|
Total
|
67.7
|
|
48.9
|
|
178.5
|
|
295.1
|
In Brazil, as of
February 28, 2019, the Company has a
476.2MWp late-stage, utility-scale
solar project pipeline as detailed in the table below.
Project
|
MWp
|
Location
|
Status
|
Expected
COD
|
Francisco
Sa
|
122.2
|
Minas
Gerais
|
Development
|
2021
|
Jaiba
|
97.3
|
Minas
Gerais
|
Development
|
2021
|
Lavras
|
144.7
|
Ceara
|
Development
|
2021
|
Salgueiro
|
112
|
Pernambuco
|
Development
|
2020
|
Total
|
476.2
|
|
|
|
In Mexico, as of
February 28, 2019, the Company has a
368MWp late-stage, utility-scale
solar project pipeline as detailed in the table below.
Project
|
MWp
|
Location
|
Status
|
Expected
COD
|
EL Mayo
|
124
|
Sonora
|
Development
|
2021
|
Horus
|
119
|
Aguascalientes
|
Development
|
2020
|
Tastiota
|
125
|
Sonora
|
Development
|
2020
|
Total
|
368
|
|
|
|
In China, as of
February 28, 2019, the Company's
late-stage power pipeline was 100 MWp.
Solar Power Plants in Operation
In addition to its late-stage, utility-scale solar project
pipeline, as of February 28, 2019,
the Company had a portfolio of utility-scale, solar power plants in
operation totaling 986.3 MWp. The Company records these power
plants on the balance sheet as "project assets (build to sell)",
"assets held-for-sale" and "solar power systems, net (build to
own)". The proceeds of sale of projects recorded as "project assets
(build to sell)" on the balance sheet will be recorded as revenue
in the income statement once revenue recognition criteria are met.
The gain or loss from the sale of projects recorded as "assets
held-for-sale" and "solar power systems, net (build to own)" on the
balance sheet will be recorded within "other operating income
(expenses)" in the income statement.
The table below sets forth the Company's total portfolio of
utility-scale, solar power plants in operation, as of February 28, 2019:
U.S.
|
Japan
|
China
|
India
|
Mexico
|
Others
|
Total
|
340.1*
|
89.4
|
369.6
|
90.1
|
68
|
29.1
|
986.3
|
*The Company has signed with a buyer to sell the 134 MWp Mustang
solar power plant and are now waiting for regulatory approval.
Manufacturing Capacity
The table below sets forth the Company's manufacturing capacity
expansion plan for 2019.
Manufacturing Capacity (MW)
|
31-Dec-18
|
30-Jun-19
|
31-Dec-19
|
Ingot
|
1,650
|
1,650
|
1,650
|
Wafer
|
5,000
|
5,000
|
5,000
|
Cell
|
6,300
|
7,800
|
9,300
|
Module
|
8,880
|
9,130
|
11,200
|
The Company's manufacturing capacity expansion plan is subject
to change based on market conditions.
Business Outlook
The Company's business outlook is based on management's views
and estimates with respect to market conditions, production
capacity, the current order book and the global economic
environment. This outlook is subject to uncertainty on final
customer demand, solar project construction and sale schedules.
Management's views and estimates are subject to change without
notice.
For the first quarter of 2019, the Company expects total
solar module shipments to be in the range of approximately
1.3 GW to 1.4 GW, including
approximately 50 MW of shipments to the Company's
utility-scale solar power projects that may not be recognized as
revenue in first quarter 2019. Total revenue for the
first quarter of 2019 is expected to be in the range of
$450 million to $480 million. Gross margin for the first
quarter is expected to be between 16% and 18%. The Company expects
the net profit for the first quarter of 2019 to be low or negative,
primarily due to typical lower production and sales volume during
the Chinese New Year holiday, IT upgrade, a lower module ASP,
decreased sales of solar power projects compared to previous
quarters, and an expected foreign exchange loss due to the
appreciation of the Chinese RMB against the U.S. dollar.
For the full year 2019, the Company expects total module
shipments to be in the range of approximately 7.4 GW to
7.8 GW. Total revenue for
the full year 2019 is expected to be in the range of $3.5 billion to $3.8 billion. The full year revenue
guidance reflects the impact of an expected lower module ASP and
lower revenue from solar project sales. While the profit in
subsequent quarters will likely recover from the first quarter of
2019 level, as module and project sales increase, the Company
currently expects its net profit for 2019 to be lower than
2018.
Dr. Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar commented: "We had an
exceptional year in 2018, with close to 140% growth of net profit
from the 2017 level. This clearly demonstrated our global
leadership position, the winning model of our solar project
business, and the benefits of our manufacturing business strategy.
As we discussed previously, the acceleration of certain high profit
project sales also contributed to our success in 2018. This
acceleration, however, will result in a reduction in solar project
sale revenue and profit in 2019. And while we have a strong
2.9 GWp late-stage solar project pipeline, due to the typical
project development cycle, we expect to realize sales for the
majority of these late-stage projects in 2020 or later. This will
likely create a temporary pullback in 2019 compared to 2018. We
also expect lower profit from our module manufacturing business,
partly due to higher costs caused by the appreciation of the
Chinese RMB against the U.S. dollar and Euro over the past few
months. Such cost increases would normally be offset by an
adjustment of module ASP or by the cost reduction through
technology improvements but that process takes time."
Dr. Shawn Qu continued, "Overall,
while we expect 2019 financial results to be lower than 2018 due to
the timing issues noted, this does not change our view on the
long-term health, growth and profitability of our core
business. We expect a rebound in project sales in 2020 and
beyond given our robust project pipeline. Our focus on new solar
module technologies, innovative products and premium channels will
also help the Company maintain its competitive edge in its Module
and Solar System business. We will continue to focus on delivering
improved results and maximizing shareholder value."
Recent Developments
On February 15, 2019, Canadian
Solar announced that it won three solar power contracts
with Alberta's Ministry of Infrastructure, for a total of 94
megawatts (MWp) of solar power systems in southeast Alberta,
at an average contracted PPA price of C$48.05 per
MWh.
On February 14,
2019, Canadian Solar announced that its first solar power
project of 68 MWp in Mexico started commercial operations
in January 2019.
On January 31, 2019, Canadian Solar announced that it
secured a 295 million Brazilian reais (US$80
million) financing from Banco do Nordeste S.A. for the
114 MWp Salgueiro solar power project in the northeast state of
Pernambuco, Brazil.
On January 17, 2019, Canadian
Solar announced that it was selected by Edify Energy and Octopus
Investments to partner with Signal Energy and jointly provide EPC
services for the 333 MWp/275 MWac Darlington Point Solar
Farm in New South Wales, Australia. Canadian Solar will supply solar
modules for the project.
On January 10, 2019, Canadian Solar announced that, as of
December 31, 2018, it had shipped
accumulatively 2.6 GW of high efficiency anti-LeTID PERC solar
modules worldwide. This represents a significant milestone
in Canadian Solar's continuous efforts in developing and
delivering high-efficiency and high-quality solar modules.
On January 9, 2019, Canadian Solar
announced that it completed the closing of its first equity
securitization in Japan and successfully raised JPY6.3
billion (US$58 million) from a
diversified mix of Japanese and Korean institutional investors in
its inaugural offering of equity-backed securities of Canadian
Solar Securitized Green Equity Trust 1. Proceeds from the
offering were originally deployed to acquire Canadian
Solar's 34MWp operating solar portfolio, comprising the
23.8MWp Smart Solar Yamaguchi-Aio Solar Power Plant and the 10.2MWp
CSJ Kamikitagun Rokunohemachi Solar Power Plant. Canadian
Solar recognized revenue from sale of the plants in the third
and fourth quarter of 2018. This transaction is the first equity
securitization in the world to be backed by long-term contracted
solar assets.
On January 7, 2019, Canadian
Solar announced that it completed the sale of the 18 MWp portfolio
of PMGD solar power projects, developed under Chile's Small Distributed Generation Means to
Sonnedix in December 2018.
On December 21,
2018, Canadian Solar announced that it completed the sale of
its remaining 20% interest in the 399 MWp Pirapora solar complex
in Brazil to Omega Geracao S.A. Canadian
Solar had previously sold an 80% interest in the portfolio to
EDF Renewables at construction-ready stage.
On December 18,
2018, Canadian Solar announced that its wholly-owned
subsidiary, Recurrent Energy, LLC, had completed the sale of
its 150 MWac/210 MWp Mustang Two solar project to Solar Frontier
Americas.
On December 17, 2018, Canadian Solar announced that it
entered into a 10-year power purchase agreement with
TrailStone GmbH for the electricity produced by a 17.6 MWp
solar PV plant portfolio in Sicily, Italy. The portfolio is jointly owned
by Canadian Solar (51%) and Manni Energy (49%).
On December 14, 2018, Canadian
Solar announced that it had achieved financial close on a
$69.0 million non-recourse
project financing for the 67.8 MWp Aguascalientes solar power
project in Mexico.
On December 12, 2018, Canadian Solar announced that
it secured a $50 million
non-recourse project financing for its 100.1 MWp solar power
project in Cafayate, Salta Province, Argentina.
On December 3, 2018, Canadian
Solar announced that its wholly-owned subsidiary, Recurrent
Energy, LLC, had signed a 25-year power purchase agreement for the
63 MWac/88 MWp Stanford Solar Generating Station #2.
On November 26,
2018, Canadian Solar announced that the 399 MWp Pirapora solar
complex in Brazil, jointly owned by the Company (20%) and
EDF Renewables (80%), had successfully raised a total of 1.39
billion Brazilian reais (US$373
million) via multiple project finance sources.
On November 14, 2018, Canadian Solar announced that it
delivered 10 MW bifacial PV modules -
BiKuCS3U-PB-AG - to Neighborhood Power for four
solar power projects near Portland, Oregon. This represents the first significant
delivery of bifacial solar PV modules into the U.S.
On November 8, 2018, Canadian
Solar announced that its wholly-owned subsidiary, Recurrent
Energy, LLC, signed a build-transfer agreement with Entergy
Mississippi for a 100 MWac solar photovoltaic project for a base
purchase price of approximately $138.4 million.
On November 5, 2018, Canadian Solar announced that the
Board of Directors' Special Committee completed its review of a
proposed "going private" transaction. The Company will continue to
operate its two principal reportable businesses, the MSS and Energy
segments, under one publicly-listed corporate umbrella, while
focusing on ways to further build shareholder value.
Appointment of Independent Director
The Company appointed of Arthur
(Lap Tat) Wong as an independent director of the Company, effective
March 8, 2019, which increased the
size of the Board of Directors from five to six directors. Mr. Wong
currently serves as an independent director and chair of the audit
committee of China Automotive Systems, Inc. (NASDAQ: CAAS), Daqo
New Energy Corp. (NYSE: DQ), and China Maple Leaf Educational
Systems Limited (HKSE: 1317). From 1982 to 2008, Mr. Wong
held various positions with Deloitte Touche Tohmatsu (Deloitte) in
Hong Kong, San Jose and Beijing, with his last position as a partner
in Deloitte's Beijing office. He
subsequently served as the Chief Financial Officer at a variety of
companies. Mr. Wong received a Higher Diploma in Accountancy from
Hong Kong Polytechnic University and a Bachelor of Science degree
in Applied Economics from University of San
Francisco. He is a fellow of the Hong Kong Institute of
Certified Public Accountants; a fellow of the Association of
Chartered Certified Accountants; and a member of the American
Institute of Certified Public Accountants.
Conference Call Information
The Company will hold a conference call at 8:00 a.m. U.S. Eastern Daylight Time on
March 21, 2019 (8:00 p.m., March 21,
2019 in Hong Kong) to
discuss the Company's fourth quarter and full year 2018 results and
business outlook. The dial-in phone number for the live audio call
is +1 866 519 4004 (toll-free from the U.S.), +852-3018-6771 (local
dial-in from HK) or +1 845-675-0437 (from international locations).
The passcode for the call is 7693309. A live webcast of the
conference call will also be available on the Investor Relations
section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the
conclusion of the call until 8:00
a.m. U.S. Eastern Daylight Time on Friday, March 29, 2019 (8:00 p.m., March 29,
2019 in Hong Kong) and can
be accessed by dialing +1-855-452-5696 (toll-free from the U.S.),
+852-3051-2780 (local dial-in from HK) or +1-646-254-3697 (from
international locations), with passcode 7693309. A webcast
replay will also be available on the investor relations section of
Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest and
foremost solar power companies. It is a leading manufacturer of
solar photovoltaic modules and provider of solar energy solutions
and has a geographically diversified pipeline of utility-scale
solar power projects in various stages of development. Over the
past 18 years, Canadian Solar has successfully delivered over 32 GW
of premium-quality, solar photovoltaic modules to customers in over
150 countries. Canadian Solar is one of the most bankable companies
in the solar industry, having been publicly listed on NASDAQ since
2006. For additional information about the Company, follow Canadian
Solar on LinkedIn or visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's
expected future shipment volumes, gross margins are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by such terms as "believes,"
"expects," "anticipates," "intends," "estimates," the negative of
these terms, or other comparable terminology. Factors that could
cause actual results to differ include general business and
economic conditions and the state of the solar industry;
governmental support for the deployment of solar power; future
available supplies of high-purity silicon; demand for end-use
products by consumers and inventory levels of such products in the
supply chain; changes in demand from significant customers; changes
in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns;
changes in product mix; capacity utilization; level of competition;
pricing pressure and declines in average selling prices; delays in
new product introduction; delays in utility-scale project approval
process; delays in utility-scale project construction; delays in
the completion of project sales; continued success in technological
innovations and delivery of products with the features customers
demand; shortage in supply of materials or capacity requirements;
availability of financing; exchange rate fluctuations; litigation
and other risks as described in the Company's SEC filings,
including its annual report on Form 20-F filed on April 26, 2018. Although the Company believes
that the expectations reflected in the forward looking statements
are reasonable, it cannot guarantee future results, level of
activity, performance, or achievements. Investors should not place
undue reliance on these forward-looking statements. All information
provided in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no duty to update
such information, except as required under applicable law.
FINANCIAL TABLES FOLLOW
Canadian Solar
Inc.
|
Unaudited
Condensed Consolidated Statement of Operations
|
(In Thousands of
US Dollars, Except Share And Per Share Data And Unless Otherwise
Stated)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
901,041
|
|
$
767,970
|
|
1,108,764
|
|
$
3,744,512
|
|
$
3,390,393
|
Cost of
revenues
|
|
629,732
|
|
567,579
|
|
890,211
|
|
2,969,430
|
|
2,752,795
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
271,309
|
|
200,391
|
|
218,553
|
|
775,082
|
|
637,598
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
44,372
|
|
38,423
|
|
39,935
|
|
165,402
|
|
156,032
|
General and
administrative
expenses
|
|
81,309
|
|
58,862
|
|
69,650
|
|
245,376
|
|
230,998
|
Research and development
expenses
|
|
15,417
|
|
10,143
|
|
8,564
|
|
44,193
|
|
28,777
|
Other operating
income
|
|
(6,353)
|
|
(2,941)
|
|
(29,756)
|
|
(44,546)
|
|
(47,554)
|
Total operating
expenses
|
|
134,745
|
|
104,487
|
|
88,393
|
|
410,425
|
|
368,253
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
136,564
|
|
95,904
|
|
130,160
|
|
364,657
|
|
269,345
|
Other income
(expenses):
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(23,003)
|
|
(26,839)
|
|
(33,487)
|
|
(106,032)
|
|
(117,971)
|
Interest income
|
|
2,180
|
|
2,567
|
|
3,180
|
|
11,207
|
|
10,477
|
Gain (loss) on change in
fair
value of derivatives
|
|
(7,256)
|
|
(8,881)
|
|
7,565
|
|
(19,230)
|
|
(272)
|
Foreign exchange gain
(loss)
|
|
7,328
|
|
10,112
|
|
(9,541)
|
|
6,529
|
|
(23,449)
|
Investment income
(loss)
|
|
35,416
|
|
6,528
|
|
(3,607)
|
|
41,361
|
|
(3,607)
|
Other expenses,
net
|
|
14,665
|
|
(16,513)
|
|
(35,890)
|
|
(66,165)
|
|
(134,822)
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes and
equity in earnings (loss) of
unconsolidated investees
|
|
151,229
|
|
79,391
|
|
94,270
|
|
298,492
|
|
134,523
|
Income tax
expense
|
|
(36,684)
|
|
(13,423)
|
|
(28,940)
|
|
(61,969)
|
|
(40,951)
|
Equity in earnings
(loss) of
unconsolidated investees
|
|
(445)
|
|
2,504
|
|
(2,550)
|
|
5,908
|
|
9,411
|
Net
income
|
|
114,100
|
|
68,472
|
|
62,780
|
|
242,431
|
|
102,983
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to
non-controlling interests
|
|
2,516
|
|
1,932
|
|
1,378
|
|
5,361
|
|
3,411
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to
Canadian Solar Inc.
|
|
$
111,584
|
|
$
66,540
|
|
$
61,402
|
|
$
237,070
|
|
$
99,572
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.89
|
|
$
1.14
|
|
$
1.05
|
|
$
4.02
|
|
$
1.71
|
Shares used in
computation - basic
|
|
59,160,338
|
|
58,526,275
|
|
58,486,391
|
|
58,914,540
|
|
58,167,004
|
Earnings per share -
diluted
|
|
$
1.81
|
|
$
1.09
|
|
$
1.01
|
|
$
3.88
|
|
$
1.69
|
Shares used in
computation - diluted
|
|
62,356,019
|
|
61,937,187
|
|
61,936,162
|
|
62,291,670
|
|
61,548,158
|
Canadian Solar
Inc.
|
Unaudited
Condensed Consolidated Statement of Comprehensive
Income
|
(In Thousands of
US Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net
Income
|
114,100
|
|
68,472
|
|
62,780
|
|
242,431
|
|
102,983
|
Other
comprehensive income (net of
tax of nil):
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
(38,399)
|
|
26,709
|
|
3,395
|
|
(50,577)
|
|
39,305
|
Gain (loss) on
changes in fair value of
derivatives
|
(3,416)
|
|
2,464
|
|
296
|
|
6,094
|
|
(2,090)
|
Loss on
de-recognition of commodity
hedge and interest rate swap
|
(8,752)
|
|
-
|
|
-
|
|
(8,752)
|
|
-
|
Comprehensive
income
|
63,533
|
|
97,645
|
|
66,471
|
|
189,196
|
|
140,198
|
Less: comprehensive
income
attributable to non-controlling interests
|
1,189
|
|
4,844
|
|
2,034
|
|
8,241
|
|
2,846
|
Comprehensive
income attributable
to Canadian Solar Inc.
|
62,344
|
|
92,801
|
|
64,437
|
|
180,955
|
|
137,352
|
Canadian Solar
Inc.
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In Thousands of
US Dollars)
|
|
|
December 31,
|
|
December 31,
|
|
|
2018
|
|
2017
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
444,298
|
|
$
561,679
|
Restricted cash -
current
|
|
480,976
|
|
617,761
|
Accounts receivable trade,
net
|
|
498,231
|
|
358,091
|
Contract assets
|
|
38
|
|
1,253
|
Amounts due from related
parties
|
|
16,740
|
|
26,102
|
Inventories
|
|
262,022
|
|
346,092
|
Value added tax
recoverable
|
|
107,222
|
|
94,503
|
Advances to suppliers -
current
|
|
37,011
|
|
61,399
|
Derivative assets -
current
|
|
4,761
|
|
16,200
|
Project assets -
current
|
|
933,563
|
|
1,523,342
|
Assets
held-for-sale
|
|
-
|
|
182,797
|
Prepaid expenses and other
current assets
|
|
289,459
|
|
296,084
|
Total current
assets
|
|
3,074,321
|
|
4,085,303
|
Restricted cash -
non-current
|
|
15,716
|
|
10,695
|
Property, plant and
equipment, net
|
|
884,986
|
|
747,235
|
Solar power systems,
net
|
|
54,898
|
|
63,964
|
Deferred tax assets,
net
|
|
121,087
|
|
131,796
|
Advances to suppliers
- non-current
|
|
48,908
|
|
38,325
|
Prepaid land use
right
|
|
65,718
|
|
78,649
|
Investments in
affiliates
|
|
126,095
|
|
414,215
|
Intangible assets,
net
|
|
14,903
|
|
10,986
|
Goodwill
|
|
1,005
|
|
6,248
|
Derivatives assets -
non-current
|
|
3,216
|
|
10,911
|
Project assets -
non-current
|
|
352,200
|
|
148,170
|
Other non-current
assets
|
|
129,605
|
|
143,130
|
TOTAL
ASSETS
|
|
$
4,892,658
|
|
$
5,889,627
|
Canadian Solar
Inc.
|
Unaudited
Condensed Consolidated Balance Sheets (Continued)
|
(In Thousands of
US Dollars)
|
|
|
|
December 31,
|
|
December 31,
|
|
|
2018
|
|
2017
|
Current
liabilities:
|
|
|
|
|
Short-term
borrowings
|
|
$
1,027,927
|
|
$
1,608,962
|
Long-term borrowings on
project assets -
current
|
|
265,770
|
|
348,793
|
Accounts payable
|
|
379,462
|
|
402,964
|
Notes payable
|
|
369,722
|
|
572,631
|
Amounts due to related
parties
|
|
16,847
|
|
6,023
|
Other payables
|
|
408,013
|
|
315,321
|
Convertible notes
|
|
127,428
|
|
-
|
Contract
liabilities
|
|
39,024
|
|
51,739
|
Derivative liabilities -
current
|
|
13,698
|
|
6,121
|
Liabilities
held-for-sale
|
|
-
|
|
185,872
|
Tax equity
liabilities
|
|
158,496
|
|
407,683
|
Other current
liabilities
|
|
141,970
|
|
201,903
|
Total current
liabilities
|
|
2,948,357
|
|
4,108,012
|
Accrued warranty
costs
|
|
50,605
|
|
55,659
|
Convertible
notes
|
|
-
|
|
126,476
|
Long-term
borrowings
|
|
393,614
|
|
404,341
|
Amounts due to
related parties
|
|
568
|
|
-
|
Derivatives
liabilities - non-current
|
|
-
|
|
359
|
Liability for
uncertain tax positions
|
|
20,128
|
|
9,264
|
Deferred tax
liabilities - non-current
|
|
35,698
|
|
5,562
|
Loss contingency
accruals
|
|
24,608
|
|
25,682
|
Financing liabilities
- non-current
|
|
77,835
|
|
12,243
|
Other non-current
liabilities
|
|
68,400
|
|
82,254
|
Total
LIABILITIES
|
|
3,619,813
|
|
4,829,852
|
Equity:
|
|
|
|
|
Common shares
|
|
702,931
|
|
702,162
|
Additional paid-in
capital
|
|
10,675
|
|
417
|
Retained
earnings*
|
|
622,016
|
|
383,681
|
Accumulated other
comprehensive loss
|
|
(110,149)
|
|
(54,034)
|
Total Canadian
Solar Inc. shareholders' equity
|
|
1,225,473
|
|
1,032,226
|
Non-controlling
interests in subsidiaries
|
|
47,372
|
|
27,549
|
TOTAL
EQUITY
|
|
1,272,845
|
|
1,059,775
|
TOTAL LIABILITIES
AND EQUITY
|
|
$
4,892,658
|
|
$
5,889,627
|
Note: * The Company, starting from January 1, 2018, adopted Accounting Standards
Update 2014-09, Revenue from Contracts with Customers (ASC 606),
using the modified retrospective method. The reported results for
year 2018 reflect the adoption of ASC 606, while the reported
results for year 2017 were prepared under the previous revenue
recognition guidance. The adoption of ASC 606 has no material
impact on the revenue recognition for 2018. The cumulative-effect
adjustment to the beginning balance of retained earnings on
January 1, 2018 was an increase of
$1.3 million from $383.7 million to $385.0
million, related to variable consideration recognized for
project sales in year 2017.
About Non-GAAP Financial Measures
To supplement its financial disclosures presented in accordance
with GAAP, the Company uses non-GAAP measures which are adjusted
from the most comparable GAAP measures for certain items as
described below. The Company presents non-GAAP net income and
diluted earnings per share so that readers can better understand
the underlying operating performance of the business before the
impact of AD/CVD true-up provisions in 2018 and AD/CVD true-up
provision, LDK provision and gain from insurance compensation in
2017. The non-GAAP numbers are not measures of financial
performance under U.S. GAAP, and should not be considered in
isolation or as an alternative to other measures determined in
accordance with GAAP. These non-GAAP measures may differ from
non-GAAP measures used by other companies, and therefore their
comparability may be limited.
Reconciliation of
U.S. GAAP to Non-GAAP financial measures
|
Statement of
Operations Data:
|
(In Thousands, except
per share amounts)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December 31,
2018
|
|
September 30,
2018
|
|
December 31,
2018
|
|
December 31,
2017
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to Canadian
Solar Inc.
|
|
111,584
|
|
66,540
|
|
237,070
|
|
99,572
|
Non-GAAP income
adjustment items:
|
|
|
|
|
|
|
|
|
AD/CVD provision
reversal
|
|
(16,098)
|
|
(8,271)
|
|
(50,172)
|
|
(57,602)
|
LDK provision
|
|
-
|
|
-
|
|
-
|
|
8,615
|
Gain from insurance
compensation
|
|
-
|
|
-
|
|
-
|
|
(15,238)
|
Tax impact
|
|
3,995
|
|
2,053
|
|
12,452
|
|
24,227
|
Non-GAAP net income
attributable to
Canadian Solar Inc.
|
|
99,481
|
|
60,322
|
|
199,350
|
|
59,574
|
|
|
|
|
|
|
|
|
|
GAAP income per
share-diluted
|
|
1.81
|
|
1.09
|
|
3.88
|
|
1.69
|
Non-GAAP income per
share - diluted
|
|
1.61
|
|
0.99
|
|
3.28
|
|
0.97
|
Shares used in
computation - diluted
|
|
62,356,019
|
|
61,937,187
|
|
62,291,670
|
|
61,548,158
|
View original
content:http://www.prnewswire.com/news-releases/canadian-solar-reports-fourth-quarter-and-full-year-2018-results-300816324.html
SOURCE Canadian Solar Inc.