Canadian Solar Turns To Profit In Q4 - Quick Facts

(RTTNews) - Canadian Solar Inc. (CSIQ) said that its fourth quarter of 2013 net income attributable to the company was $20.9 million, or $0.39 per share, compared to net loss of $105.0 million, or $2.43 per share, in the fourth quarter of 2012.

The company recorded a gain on change in fair value of derivatives of $8.9 million in the fourth quarter of 2013, compared to a gain of $2.3 million in the fourth quarter of 2012. Net foreign exchange loss in the fourth quarter of 2013 was $18.5 million compared to a net foreign exchange loss of $10.8 million in the fourth quarter of 2012.

Net revenue for the fourth quarter of 2013 was $519.5 million, up 76.2% from $294.8 million in the fourth quarter of 2012. Total solar module shipments in the fourth quarter of 2013 were 621 MW, compared to 404 MW in the fourth quarter of 2012.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share and revenues of $512.95 million for the quarter. Analysts' estimates typically exclude special items.

Gross profit in the fourth quarter of 2013 was $101.3 million, compared to $14.9 million in the fourth quarter of 2012. The year-over-year increase in gross profit was primarily due to the increase in revenue contribution from the Company's higher margin total solutions business, as well as higher module shipments and lower module manufacturing cost, which was partially off-set by a slight decline in module average selling price.

For the first quarter of 2014, the Company expects module shipments to be in the range of approximately 470 MW to 490 MW. Total revenue for the first quarter of 2014 is expected to be in the range of $415 million to $430 million, with gross margin expected to be between 14% and 16%. Analysts project first-quarter revenue of $517.78 million.

For the full year 2014, the Company expects 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 hold up to 250MW of project assets during 2014. The Company expects that its net revenue for 2014 will be in the range of approximately $2.7 billion to $2.9 billion, with approximately 50% of revenue being derived from its total solutions business. Analysts project fiscal year 2014 revenue of $2.88 billion.