Canadian Solar Reports Earnings of $240 Million, Module Sale of 21.1 GW in 2022

Mar 22, 2023 11:43 AM ET
  • The solar supplier has actually introduced its fourth quarterly and also full yearly 2022 results.
  • Canadian Solar achieved record revenues of $7.47 billion last year which is a dive of 42% YoY.
  • Worldwide solar maker Canadian Solar Inc. has actually announced its financial results for the 4th quarter and full year ended December 31, 2022.

When it come to the fourth quarter of 2022, Canadian Solar claimed that it experienced a 68% increase in solar module shipments year-over-year to 6.4 GW which was above assistance range of 6 GW to 6.3 GW. The earnings attributable to Canadian Solar is reported to be $78 million.

The total revenue of Canadian Solar boosted by 29% YoY to $1.97 billion. This is also over advice variety of $1.8 to 1.9 billion. This quarter, the solar module making firm likewise reported 17.7% gross margin.

Full Year 2022 Highlights

Canadian Solar achieved record revenues of $7.47 billion last year which is a jump of 42% YoY. The earnings attributable to Canadian Solar concerned $240 million.

The complete solar module shipment was 21.1 GW by CSI Solar, noting a 45% boost YoY. The utility-scale battery storage shipment was 1.79 GWh by CSI Solar.

Canadian Solar likewise proclaimed 25 GWp of solar growth pipe as well as 47 GWh of battery storage space advancement pipe, as of January 31, 2023.

Dr. Shawn Qu, Chairman and CEO, commented, "We achieved record monetary cause 2022, with revenue raising 42% and earnings attributable to investors increasing 152%. Our business as well as market go to a critical turning point as we transition towards a grid parity market where clean energy investments are appealing both economically as well as from a sustainability standpoint, unlocking considerable international need."

The CEO likewise included, "On top of that, as solar equipment costs get to closer to the bottom of the price curve, volume growth is converting into both revenue and revenues development, driven by a mix of a stabler price structure, boosting pricing power and operating leverage. This appears in our 2022 results and includes in our confidence in our future growth opportunities. Last But Not Least, CSI Solar's carve-out IPO just obtained accepted by China Securities Regulatory Commission as we speak today."

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