In the first quarter of 2015, Canadian Solar shipped 1.23GW of PV modules. 1.03 GW of the total shipment was recognized in revenue, and the volume was the highest record in the company’s history. The net revenue in 1Q15 was US$860.9 million, slightly decreased 10.0% from 4Q14 but increased 84.6% from 1Q14.

Sales to the Americas represented 48.7% of the net revenue in 1Q15, sales to Asia and others represented 33.6% of the net revenue, and sales to Europe represented 17.7%. Comparing to 4Q14 and 1Q14 respectively, sales to Europe improved.

Source: Canadian Solar

First Quarter 2015 Highlights

• Total solar module shipments were 1.23 GW, of which 1.03 GW was recognized in revenue, compared to 897 MW recognized in revenue in the fourth quarter of 2014, and first quarter guidance in the range of 1.0 GW to 1.03 GW.
• Net revenue was $860.9 million, compared to $956.2 million in the fourth quarter of 2014 and first quarter guidance in the range of $725 million to $775 million.
• Net revenue from the total solutions business as a percentage of total net revenue was 35.9% compared to 51.7% in the fourth quarter of 2014.
• Gross margin was 17.8%, compared to 19.3% in the fourth quarter of 2014 and first quarter guidance in the range of 16% to 18%.
• Net income attributable to Canadian Solar was $61.3 million, or $1.04 per diluted share, compared to $75.7 million, or $1.28 per diluted share, in the fourth quarter of 2014.
• Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.04 billion, compared to $1.02 billion at the end of the fourth quarter of 2014.
• Net cash generated from operating activities was $124.9 million, compared to net cash generated from operating activities of $259.1 million in the fourth quarter of 2014.
• During the quarter, the Company closed the sale of three solar power plants in Canada, and connected four solar power plants to the grid in the United Kingdom.
• At the end of the quarter, the Company completed the acquisition of Recurrent Energy, LLP ("Recurrent") from Sharp Corporation, expanding its project pipeline to 8.5 GW.