Canadian Solar, a New York-listed manufacturer of solar PV modules, has reported a decline in profit and revenue for the third quarter. The company’s net income dropped to $21.9 million, or 32 cents a share, compared to $78.5 million, or $1.12 a share, in the same period last year. This decline was anticipated by analysts, although they predicted a lesser decrease to 82 cents a share.
Additionally, revenue decreased to $1.85 billion from $1.93 billion, falling short of analyst expectations of a slight rise to $2.03 billion. Canadian Solar attributed this decline to lower project sales and a decrease in the average selling price of modules. Despite these challenges, the company experienced a 39% year-over-year increase in solar module shipments, reaching 8.3 gigawatts.
Looking ahead, Canadian Solar remains optimistic about its future prospects. The company disclosed that it has a $2.6 billion e-STORAGE contracted backlog as of Nov. 14, with approximately half of the deliveries expected to take place next year. Chairman and Chief Executive Shawn Qu expressed confidence that these deliveries will contribute positively to the cost environment. He also highlighted the company’s commitment to capacity diversification despite slower market demand growth due to higher interest rates.