Canadian Solar Inc., one of the world's largest solar power companies, announced on May 16th its financial results for the first quarter ended March 31, 2014.

First Quarter 2014 Highlights:

• Solar module shipments were 500 MW, compared to 621 MW in the fourth quarter of 2013 and to first quarter guidance in the range of 470 MW to 490 MW.
• Net revenue was $466.3 million, compared to $519.5 million in the fourth quarter of 2013 and to first quarter guidance in the range of $415 million to $430 million.
• Net revenue from the total solutions business as a percentage of total net revenue was 27.4% compared to 23.4% in the fourth quarter of 2013.
• Gross margin was 14.7%, compared to 19.5% in the fourth quarter of 2013 and to first quarter guidance in the range of 14% to 16%.
• Diluted earnings per share were $0.07, compared to $0.39 in the fourth quarter of 2013.
• Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $781.0 million, compared to $679.4 million at the end of the fourth quarter of 2013.
• Net cash used in operating activities was $153.7 million, compared to net cash provided by operating activities of $73.2 million in the fourth quarter of 2013.
• During the quarter, the Company closed the sale of one solar power plant in Ontario, Canada to BluEarth valued at over C$53 million.