Canadian Solar announced its financial results for the third quarter ended September 30, 2015. The company expects to ship more PV modules in 2015 than its expectation for 2015 guidance, and the total revenue could be higher than expected as well.

Third Quarter 2015 Highlights

• Total solar module shipments were 1,198 MW, of which 1,150 MW were recognized in revenue, compared to 809 MW recognized in revenue in the second quarter of 2015.
• Net revenue was $849.8 million, compared to $636.7 million in the second quarter of 2015.
• Net revenue from total solution sales as a percentage of total net revenue was 26.6% compared to 30.6% in the second quarter of 2015.
• Gross margin was 14.9%, compared to 15.2% in the second quarter of 2015.
• Net income attributable to Canadian Solar was $30.4 million, or $0.53 per diluted share, compared to $17.9 million, or $0.31 per diluted share, in the second quarter of 2015.
• Non-GAAP net income attributable to Canadian Solar was $46.0 million, or $0.79 per diluted share. A table that provides a reconciliation of GAAP to non-GAAP measure is available at the end of this press release.
• Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.0 billion, compared to $1.04 billion at the end of the second quarter of 2015.
• Net cash generated from operating activities was $41.4 million, compared to $29.1 million in the second quarter of 2015.
• During the quarter, the Company completed the purchase of three solar power plants in Canada, started commercial operation of four solar power plants in Japan and won bids for five solar projects in Brazil.