Canadian Solar Turns To Profit In Q1; Backs 2014 Revenue Guidance - Quick Facts

(RTTNews) - Canadian Solar Inc. (CSIQ) said that its net income attributable to the company for the first quarter of 2014 was $3.8 million, or $0.07 per share, compared to net loss of $4.4 million, or $0.10 per share, in the first quarter of 2013.

The Company recorded a loss on change in fair value of derivatives of $7.4 million in the first quarter of 2014, compared to a gain of $1.7 million in the first quarter of 2013. Net foreign exchange gain in the first quarter of 2014 was $0.9 million compared to a net foreign exchange loss of $14.8 million in the first quarter of 2013.

Net revenue for the first quarter was $466.3 million, up 76.9% from $263.6 million last year.

Total solar module shipments in the first quarter of 2014 were 500 MW, compared to 340 MW in the first quarter of 2013. Solar module shipments in the first quarter of 2014 included 49 MW used in the Company's total solutions business, compared to 23 MW in the first quarter of 2013.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.12 per share and revenues of $431.98 million for the quarter. Analysts' estimates typically exclude special items.

For the second quarter of 2014, the company expects module shipments to be in the range of approximately 600 MW to 630 MW. Total revenue for the second quarter of 2014 is expected to be in the range of $560 million to $590 million, with gross margin expected to be between 17% and 19%. Analysts expect the company to report revenues of $633.64 million for the second-quarter.

For full year 2014, the company reaffirmed its guidance for annual module shipments to be in the range of 2.5 GW to 2.7 GW, including 400 MW to 500 MW of project recognition. In addition, the Company expects to build and/or hold up to 250 MW of project assets during 2014. The Company also reaffirms guidance for net revenue in 2014 to be in the range of approximately $2.7 billion to $2.9 billion. Analysts expect the company to report revenues of $2.88 billion for fiscal 2014.