Canadian Solar’s financial results for the second quarter of 2015 decreased from the first quarter of 2015, yet the reduction was foresaw in the company’s guidance of the quarter. Canadian Solar will continue its momentum for supporting project developments in Canada, the U.S. the U.K. and Japan for more profitable business.

Second Quarter 2015 Highlights

• Total solar module shipments were 850 MW, of which 809 MW were recognized in revenue, compared to 1.03 GW recognized in revenue in the first quarter of 2015, and second quarter shipment guidance in the range of 950 MW to 1,000 MW.
• Net revenue was $636.7 million, compared to $860.9 million in the first quarter of 2015 and second quarter guidance in the range of $570 million to $620 million.
• Net revenue from the total solutions business as a percentage of total net revenue was 30.6% compared to 35.9% in the first quarter of 2015.
• Gross margin was 15.2%, compared to 17.8% in the first quarter of 2015 and second quarter guidance in the range of 13.0% to 15.0%.
• Net income attributable to Canadian Solar was $17.9 million, or $0.31 per diluted share, compared to $61.3 million, or $1.04 per diluted share, in the first quarter of 2015.
• Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.04 billion, the same as at the end of the first quarter of 2015.
• Net cash generated from operating activities was $29.1 million, compared to $124.9 million in the first quarter of 2015.
• During the quarter, the Company closed the sale of one solar power plant in Canada and connected three solar power plants to the grid in Japan.