Canadian Solar Reports Third Quarter 2021 Results
Highlights
- Solar module shipments of 3.9 GW in the third quarter of 2021, in line with guidance of 3.8 GW to 4.0 GW.
- Revenue increased 34% year-over-year ("yoy") to
$1.23 billion , in line with guidance of$1.2 billion to$1.4 billion . - Gross margin of 18.6%, above guidance range of 14% to 16%.
- Net income attributable to
Canadian Solar of$35 million , or$0.52 per diluted share. - 2.9 GWh of battery storage projects under construction and 21 GWh of total storage development pipeline.
- Continuing to make progress on the carve-out IPO of the
CSI Solar subsidiary.
Dr.
"Regarding the previously announced carve-out IPO of
Dr.
Third Quarter 2021 Results
Total module shipments in the third quarter of 2021 were 3.87 GW, a 22% year-over-year ("yoy") increase and 6% quarter-over-quarter ("qoq") increase. Of the total, 173 MW was shipped to the Company's own utility-scale solar power projects.
Net revenues in the third quarter of 2021 were up 34% yoy and down 14% qoq to
Gross profit in the third quarter of 2021 was
Total operating expenses in the third quarter of 2021 were
Non-cash depreciation and amortization charges in the third quarter of 2021 were $71 million, compared to $66 million in the second quarter of 2021, and
Net foreign exchange loss in the third quarter of 2021 was
Income tax benefit in the third quarter of 2021 was $3 million, compared to
Net income attributable to
The increase in basic shares outstanding was primarily due to the issuance of 1.1 million and 2.6 million shares in connection with the at-the-market equity offering program for the three months and nine months ended
Net cash used by operating activities in the third quarter of 2021 was $29 million, compared to
Total debt was
Battery Storage Opportunities
- Under Global Energy, energy storage project development is fully integrated within the main solar development teams. Given the segment's large and growing pipeline, it is positioned to capture utility-scale energy storage projects.
- Under
CSI Solar , the battery storage solutions team focuses on delivering bankable, end-to-end, integrated battery storage solutions for utility scale, commercial and industrial, as well as residential applications. These systems solutions will be complemented with long-term service agreements, including future battery capacity augmentation services.
While there are synergies between the Global Energy and
Global Energy Segment
The continued pipeline expansion and strong project development track record will support Global Energy's growth in three key areas:
- Project sales: The Company plans to grow its volume of project sales by a compound annual growth rate of 25% over the next five years, well ahead of the global market growth rate of approximately 20% according to many research reports.
- Investment vehicles: The Company is optimizing its project monetization strategy by establishing local investment vehicles that will help maximize the value of its project assets. The Company also intends to retain minority ownership in these vehicles. By 2025, the Company plans to reach at least 1 GW of combined net ownership in solar power projects through these vehicles. This approach will help the Company build and grow a stable base of long-term cash flows from contracted electricity. The Company will be able to recycle a large portion of the capital into developing new solar projects for growth. Meanwhile,
Canadian Solar expects to capture additional operational value throughout the partial ownership period, including long-term cash flows from power sales, operations and maintenance (O&M), asset management and other services (see point 3). The Company currently owns a 15% stake in theCanadian Solar Infrastructure Fund ("CSIF", TSE: 9284), the largest listed Japanese infrastructure fund on theTokyo Stock Exchange . The Company also established theBrazilian Participation Fund for Infrastructure projects (FIP-IE), as well as similar project investment vehicles in European countries such asItaly . Through launching these localized vehicles,Canadian Solar is building up its expertise in designing investment vehicles in local markets that will help maximize the value of its project assets. - Services:
Canadian Solar currently manages over 2 GW of operational projects under long-term O&M agreements, and an additional 2 GW of contracted projects that will be operated and maintained by the Company once they are placed in operation. The Company's target is to reach 11 GW of projects under O&M agreements by 2025.
Management targets to achieve the following over the next 5 years:
Global Energy Targets |
2021 |
2022 |
2023 |
2024 |
2025 |
Annual Project Sales, GWp |
1.5-2.1 |
2.4-2.9 |
3.2-3.7 |
3.6-4.1 |
4.0-4.5 |
Operational O&M Projects, GWp |
2.6 |
4.3 |
6.5 |
9.2 |
11.0 |
Net Cumulative Projects Retained, MWp |
290 |
400 |
760 |
960 |
1,000 |
Gross Cumulative Projects Retained, MWp |
740 |
1,300 |
2,650 |
3,150 |
3,400 |
* Net projects retained represents CSIQ's net partial ownership of solar projects, the gross number represents the aggregate size of projects including the share which is not owned by CSIQ. |
Solar Project Pipeline
As of
The Company's pipeline includes early- to mid-stage project opportunities currently under development but that are yet to be de-risked.
The following table presents the Company's total project pipeline.
Total Project Pipeline (as of |
|||||
Region |
In Construction |
Backlog |
Pipeline |
Total |
|
|
115 |
744 |
5,732 |
6,591 |
|
|
956* |
3,141 |
3,726 |
7,823 |
|
|
- |
455* |
4,105 |
4,560 |
|
|
144 |
204 |
72 |
420 |
|
|
346 |
192 |
1,560 |
2,098 |
|
|
- |
300 |
2,010 |
2,310 |
|
Total |
1,561 |
5,036 |
17,205 |
23,802 |
|
*Note: Gross MWp size of projects includes 492 MWp in construction in and 110 MWp in backlog in EMEA, that are not owned by
|
|||||
The Company has 348 MWp of premium, high FIT projects in
Expected COD Schedule – MWp |
|||||||
2021 |
2022 |
2023 and |
Total |
||||
18 |
190 |
140 |
348 |
Battery Storage Project Pipeline
The Global Energy segment has been actively developing utility-scale solar plus energy storage projects, as well as stand-alone battery storage projects. The Company found that virtually all its solar power projects under development can co-host energy storage facilities and has done so since the first quarter of 2021. By co-hosting energy storage facilities with solar power plants on the same piece of land and using the same interconnection point, the Company expects to significantly enhance the value of its assets under development.
The table below sets forth Global Energy's storage project development backlog and pipeline.
Storage Project Development Backlog and Pipeline (as of |
|||||
Region |
In Construction |
Backlog |
Pipeline |
Total |
|
|
2,901 |
- |
10,485 |
13,386 |
|
|
- |
465 |
3,185 |
3,650 |
|
|
- |
- |
1,987 |
1,987 |
|
|
- |
- |
19 |
19 |
|
|
- |
- |
1,915 |
1,915 |
|
Total |
2,901 |
465 |
17,591 |
20,957 |
|
Solar Power Plants and Battery Storage Projects in Operation
As of
Solar Power Plants in Operation – MWp |
||||
|
|
ex. |
|
Total |
202 |
41 |
62 |
127 |
432 |
Note: Gross MWp size of projects, includes 81 MWp in |
Operating Results
The following table presents unaudited select results of operations data of the Company's Global Energy segment.
Global Energy Segment Financial Results (In Thousands of |
|||||||
Three Months Ended |
Nine Months Ended |
||||||
September 2021 |
June 30, 2021 |
September 2020* |
September 2021 |
September 2020* |
|||
Net revenues |
139,989 |
280,614 |
78,567 |
891,665 |
353,550 |
||
Cost of revenues |
78,848 |
268,855 |
53,635 |
705,740 |
236,649 |
||
Gross profit |
61,141 |
11,759 |
24,932 |
185,925 |
116,901 |
||
Operating expenses |
30,442 |
15,632 |
19,490 |
74,018 |
65,267 |
||
Income (loss) from |
30,699 |
(3,873) |
5,442 |
111,907 |
51,634 |
||
Gross margin |
43.7% |
4.2% |
31.7% |
20.9% |
33.1% |
||
Operating margin |
21.9% |
-1.4% |
6.9% |
12.6% |
14.6% |
||
*Historical amounts for the three months and nine months ended |
CSI Solar Segment
Manufacturing Capacity, GW (as of period end) |
|||
Q3 2021 |
FY21 Plan |
FY22 Plan |
|
Ingot |
5.1 |
5.4 |
10.1 |
Wafer |
9.5 |
11.5 |
11.5 |
Cell |
13.3 |
13.9 |
13.9 |
Module |
22.1 |
23.9 |
32.0 |
Note:
Operating Results
The following table presents unaudited select results of operations data of the
CSI Solar Segment Financial Results* (In Thousands of |
|||||||||
Three Months Ended |
Nine Months Ended |
||||||||
September 30, 2021 |
June 30, 2021 |
September 30, 2020** |
September 30, 2021 |
September 2020** |
|||||
Net revenues |
1,149,215 |
1,183,958 |
921,529 |
3,028,325 |
2,320,456 |
||||
Cost of revenues |
976,212 |
1,028,470 |
738,353 |
2,632,376 |
1,817,743 |
||||
Gross profit |
173,003 |
155,488 |
183,176 |
395,949 |
502,713 |
||||
Operating expenses |
142,734 |
140,516 |
94,936 |
403,376 |
252,408 |
||||
Income (loss) from operations |
30,269 |
14,972 |
88,240 |
(7,427) |
250,305 |
||||
Gross margin |
15.1% |
13.1% |
19.9% |
13.1% |
21.7% |
||||
Operating margin |
2.6% |
1.3% |
9.6% |
-0.2% |
10.8% |
||||
* Includes effects of both sales to third-party customers and to the Company's Global Energy Segment. Please refer |
|||||||||
** Historical amounts for the three months and nine months ended |
The table below provides the geographic distribution of the net revenues of
CSI Solar Net Revenues Geographic Distribution* (In Millions of |
||||||||
Q3 2021 |
% of Net |
Q2 2021 |
% of Net |
Q3 2020 |
% of Net |
|||
|
481 |
44 |
527 |
46 |
442 |
53 |
||
|
393 |
36 |
421 |
37 |
251 |
30 |
||
|
215 |
20 |
201 |
17 |
143 |
17 |
||
Total |
1,089 |
100 |
1,149 |
100 |
836 |
100 |
*Excludes sales from |
Battery Storage Solutions
Within
The table below sets forth
Contracted/ In Construction |
Forecast |
Pipeline |
Total |
|
Storage (MWh) |
2,261 |
215 |
2,651 |
5,127 |
Contracted/in construction projects are expected to be delivered within the next 12 to 18 months. Forecast projects include those that have more than 75% probability of being contracted within the next 12 months, and the remaining pipeline includes projects that have been identified but have a below 75% probability of being contracted.
Business Outlook
The Company's business outlook is based on management's current views and estimates given factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, and the global impact of the ongoing COVID-19 pandemic. Management's views and estimates are subject to change without notice.
For the fourth quarter of 2021, the Company expects total module shipments to be in the range of 3.7 GW to 3.9 GW, including approximately 250 MW of module shipments to the Company's own projects. Total revenues are expected to be in the range of
For the full year of 2021, battery storage shipments, accounted in
For the full year of 2022, the Company expects total module shipments to be in the range of 20 GW to 22 GW, battery storage shipments to be in the range of 1.4 GWh to 1.5 GWh, and total project sales to be in the range of 2.4 GW to 2.9 GW. Revenue for the full year of 2022 is expected to be in the range of
Dr.
Recent Developments
On
On
On
On
Conference Call Information
The Company will hold a conference call at
A replay of the call will be available 2 hours after the conclusion of the call until
About Canadian Solar Inc.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including those regarding the Company's expected future shipment volumes, revenues, gross margins and project sales, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the
FINANCIAL TABLES FOLLOW
The following tables provide unaudited select financial data for the Company's
Select Financial Data – |
|||||||||
Three Months Ended |
|||||||||
|
Global |
Elimination |
Total |
||||||
Net revenues |
1,149,215 |
139,989 |
(59,754) |
1,229,450 |
|||||
Cost of revenues |
976,212 |
78,848 |
(54,239) |
1,000,821 |
|||||
Gross profit |
173,003 |
61,141 |
(5,515) |
228,629 |
|||||
Gross margin |
15.1% |
43.7% |
— |
18.6% |
|||||
Income from operations |
30,269 |
30,699 |
(7,875) |
53,093 |
|||||
Select Financial Data – |
|||||||||
Nine Months Ended |
|||||||||
|
Global |
Elimination |
Total |
||||||
Net revenues |
3,028,325 |
891,665 |
(171,540) |
3,748,450 |
|||||
Cost of revenues |
2,632,376 |
705,740 |
(197,684) |
3,140,432 |
|||||
Gross profit |
395,949 |
185,925 |
26,144 |
608,018 |
|||||
Gross margin |
13.1% |
20.9% |
— |
16.2% |
|||||
Income (loss) from |
(7,427) |
111,907 |
18,476 |
122,956 |
|||||
Select Financial Data - |
|||||||||
Three Months Ended September 30, 2020 |
|||||||||
|
Global |
Elimination |
Total |
||||||
Net revenues |
921,529 |
78,567 |
(85,736) |
914,360 |
|||||
Cost of revenues |
738,353 |
53,635 |
(56,045) |
735,943 |
|||||
Gross profit |
183,176 |
24,932 |
(29,691) |
178,417 |
|||||
Gross margin |
19.9% |
31.7% |
— |
19.5% |
|||||
Income from operations |
88,240 |
5,442 |
(34,635) |
59,047 |
|||||
Select Financial Data - |
|||||||||
Nine Months Ended September 30, 2020 |
|||||||||
|
Global |
Elimination |
Total |
||||||
Net revenues |
2,320,456 |
353,550 |
(238,165) |
2,435,841 |
|||||
Cost of revenues |
1,817,743 |
236,649 |
(167,377) |
1,887,015 |
|||||
Gross profit |
502,713 |
116,901 |
(70,788) |
548,826 |
|||||
Gross margin |
21.7% |
33.1% |
— |
22.5% |
|||||
Income from operations |
250,305 |
51,634 |
(83,988) |
217,951 |
(1) Includes inter-segment elimination, and unallocated corporate costs not considered part of management's evaluation of reportable segment operating performance. |
Select Financial Data - |
|||||||
Three Months
|
Three Months |
Three Months |
Three Months
|
||||
(In Thousands of |
|||||||
|
|||||||
Solar modules |
872,288 |
843,463 |
552,247 |
628,114 |
|||
Solar system kits |
98,920 |
88,057 |
36,071 |
46,487 |
|||
Battery storage solutions |
62,977 |
68,890 |
2,358 |
2,946 |
|||
|
22,337 |
94,347 |
7,095 |
140,250 |
|||
Others |
32,939 |
54,290 |
20,506 |
17,996 |
|||
Subtotal |
1,089,461 |
1,149,047 |
618,277 |
835,793 |
|||
Global Energy Revenues: |
|||||||
Solar and battery storage power projects |
126,224 |
266,598 |
452,847 |
69,718 |
|||
O&M and asset management services |
8,031 |
8,607 |
9,966 |
6,536 |
|||
Others |
5,734 |
5,409 |
8,249 |
2,313 |
|||
Subtotal |
139,989 |
280,614 |
471,062 |
78,567 |
|||
Total net revenues |
1,229,450 |
1,429,661 |
1,089,339 |
914,360 |
Select Financial Data - |
|||
Nine Months Ended |
Nine Months Ended |
||
(In Thousands of |
|||
|
|||
Solar modules |
2,267,998 |
1,761,904 |
|
Solar system kits |
223,048 |
118,585 |
|
Battery storage solutions |
134,225 |
2,946 |
|
|
123,779 |
160,194 |
|
Others |
107,735 |
38,662 |
|
Subtotal |
2,856,785 |
2,082,291 |
|
Global Energy Revenues: |
|||
Solar and battery storage power projects |
845,669 |
300,156 |
|
O&M and asset management services |
26,604 |
18,021 |
|
Others |
19,392 |
35,373 |
|
Subtotal |
891,665 |
353,550 |
|
Total net revenues |
3,748,450 |
2,435,841 |
|
||||||||||||
Unaudited Condensed Consolidated Statements of Operations |
||||||||||||
(In Thousands of |
||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||
|
|
|
September |
September |
||||||||
2021 |
2021 |
2020 |
2021 |
2020 |
||||||||
Net revenues |
|
|
|
|
|
|||||||
Cost of revenues |
1,000,821 |
1,244,874 |
735,943 |
3,140,432 |
1,887,015 |
|||||||
Gross profit |
228,629 |
184,787 |
178,417 |
608,018 |
548,826 |
|||||||
Operating expenses: |
||||||||||||
Selling and distribution |
101,526 |
83,581 |
53,998 |
269,187 |
160,120 |
|||||||
General and |
83,244 |
68,578 |
56,183 |
219,279 |
155,498 |
|||||||
Research and |
13,493 |
13,158 |
14,147 |
39,101 |
35,127 |
|||||||
Other operating income |
(22,727) |
(6,910) |
(4,958) |
(42,505) |
(19,870) |
|||||||
Total operating expenses |
175,536 |
158,407 |
119,370 |
485,062 |
330,875 |
|||||||
Income from operations |
53,093 |
26,380 |
59,047 |
122,956 |
217,951 |
|||||||
Other income (expenses): |
||||||||||||
Interest expense |
(13,153) |
(14,795) |
(17,917) |
(42,621) |
(53,890) |
|||||||
Interest income |
2,253 |
2,837 |
2,031 |
8,338 |
6,891 |
|||||||
Gain (loss) on change in |
9,878 |
(12,150) |
13,143 |
10,300 |
43,903 |
|||||||
Foreign exchange gain |
(23,533) |
8,884 |
(26,517) |
(34,297) |
(62,828) |
|||||||
Investment income (loss) |
2,890 |
5,154 |
(6,393) |
9,307 |
(18,880) |
|||||||
Other expenses, net |
(21,665) |
(10,070) |
(35,653) |
(48,973) |
(84,804) |
|||||||
Income before income taxes |
31,428 |
16,310 |
23,394 |
73,983 |
133,147 |
|||||||
Income tax benefit (expense) |
2,879 |
1,645 |
(20,632) |
(9,328) |
(480) |
|||||||
Equity in earnings of |
3,821 |
585 |
6,105 |
5,609 |
7,860 |
|||||||
Net income |
38,128 |
18,540 |
8,867 |
70,264 |
140,527 |
|||||||
Less: Net income |
2,884 |
7,279 |
34 |
980 |
459 |
|||||||
Net income attributable to |
|
|
|
|
|
|||||||
Earnings per share - basic |
$ 0.56 |
$ 0.19 |
$ 0.15 |
$ 1.14 |
$ 2.35 |
|||||||
Shares used in computation - |
62,794,480 |
60,288,824 |
59,749,307 |
60,989,038 |
59,500,078 |
|||||||
Earnings per share - diluted |
$ 0.52 |
$ 0.18 |
$ 0.15 |
$ 1.07 |
$ 2.41 |
|||||||
Shares used in computation - |
69,857,925 |
61,339,043 |
60,829,073 |
68,333,493 |
60,705,300 |
|
||||||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income |
||||||||||
(In Thousands of |
||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||
|
|
|
September |
September |
||||||
2021 |
2021 |
2020 |
2021 |
2020 |
||||||
Net Income |
|
|
|
|
|
|||||
Other comprehensive income |
||||||||||
Foreign currency translation |
(26,236) |
9,629 |
32,173 |
(48,309) |
17,199 |
|||||
De-recognition of commodity |
— |
— |
6,285 |
— |
10,724 |
|||||
Gain (loss) on changes in fair |
— |
— |
256 |
— |
(3,859) |
|||||
Comprehensive income |
11,892 |
28,169 |
47,581 |
21,955 |
164,591 |
|||||
Less: comprehensive income |
(1,053) |
8,760 |
51 |
(7,985) |
2,412 |
|||||
Comprehensive income |
|
|
|
|
|
|||||
|
|||||||
Unaudited Condensed Consolidated Balance Sheets |
|||||||
(In Thousands of |
|||||||
|
|
||||||
2021 |
2020 |
||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
|
|
|||||
Restricted cash |
487,416 |
458,334 |
|||||
Accounts receivable trade, net |
742,060 |
408,958 |
|||||
Accounts receivable, unbilled |
34,787 |
28,461 |
|||||
Amounts due from related parties |
18,565 |
5,834 |
|||||
Inventories |
1,213,243 |
695,981 |
|||||
Value added tax recoverable |
117,981 |
102,460 |
|||||
Advances to suppliers |
308,483 |
182,146 |
|||||
Derivative assets |
7,464 |
23,351 |
|||||
Project assets |
661,441 |
747,764 |
|||||
Prepaid expenses and other current assets |
497,243 |
353,781 |
|||||
Total current assets |
4,956,622 |
4,185,822 |
|||||
Restricted cash |
2,162 |
2,629 |
|||||
Property, plant and equipment, net |
1,367,274 |
1,157,731 |
|||||
Solar power systems, net |
108,767 |
158,262 |
|||||
Deferred tax assets, net |
183,235 |
170,656 |
|||||
Advances to suppliers |
55,070 |
97,173 |
|||||
Prepaid land use right |
70,258 |
62,414 |
|||||
Investments in affiliates |
82,961 |
78,291 |
|||||
Intangible assets, net |
19,167 |
22,429 |
|||||
Project assets |
423,195 |
389,702 |
|||||
Right-of-use assets |
32,130 |
26,793 |
|||||
Other non-current assets |
180,988 |
184,952 |
|||||
TOTAL ASSETS |
$ 7,481,829 |
$ 6,536,854 |
|||||
|
|||||
Unaudited Condensed Consolidated Balance Sheets (Continued) |
|||||
(In Thousands of |
|||||
|
|
||||
2021 |
2020 |
||||
Current liabilities: |
|||||
Short-term borrowings |
|
|
|||
Long-term borrowings on project assets - |
297,355 |
198,794 |
|||
Accounts payable |
791,737 |
514,742 |
|||
Notes payable |
824,840 |
710,636 |
|||
Amounts due to related parties |
461 |
314 |
|||
Other payables |
704,453 |
508,839 |
|||
Advance from customers |
305,802 |
189,470 |
|||
Derivative liabilities |
714 |
10,755 |
|||
Operating lease liabilities |
18,562 |
15,204 |
|||
Other current liabilities |
150,718 |
237,316 |
|||
Total current liabilities |
4,177,739 |
3,588,355 |
|||
Accrued warranty costs |
48,984 |
37,732 |
|||
Long-term borrowings |
579,498 |
446,090 |
|||
Convertible notes |
224,292 |
223,214 |
|||
Liability for uncertain tax positions |
13,466 |
14,729 |
|||
Deferred tax liabilities |
47,230 |
49,080 |
|||
Loss contingency accruals |
35,763 |
26,458 |
|||
Operating lease liabilities |
19,459 |
13,232 |
|||
Financing liabilities |
82,370 |
81,871 |
|||
Other non-current liabilities |
219,306 |
163,308 |
|||
TOTAL LIABILITIES |
5,448,107 |
4,644,069 |
|||
Equity: |
|||||
Common shares |
792,725 |
687,033 |
|||
Additional paid-in capital |
(21,030) |
(28,236) |
|||
Retained earnings |
1,009,588 |
940,304 |
|||
Accumulated other comprehensive loss |
(68,023) |
(28,679) |
|||
|
1,713,260 |
1,570,422 |
|||
Non-controlling interests in subsidiaries |
320,462 |
322,363 |
|||
TOTAL EQUITY |
2,033,722 |
1,892,785 |
|||
TOTAL LIABILITIES AND EQUITY |
|
|
About Non-GAAP Financial Measures
To supplement its financial disclosures presented in accordance with GAAP, the Company uses non-GAAP measures which are adjusted from the most comparable GAAP measures for certain items as described below. The Company presents non-GAAP net income and diluted earnings per share so that readers can better understand the underlying operating performance of the business before the impact of AD/CVD true-up provisions. The non-GAAP numbers are not measures of financial performance under
Statement of Operations Data:
(In Thousands of
Three Months Ended |
Nine Months Ended |
|||||||
September |
September |
September |
September |
|||||
GAAP net income attributable to |
35,244 |
8,833 |
69,284 |
140,068 |
||||
Non-GAAP income adjustment |
||||||||
AD/CVD provision true-up |
(11,871) |
296 |
(11,871) |
(20,101) |
||||
Tax impact |
3,069 |
(73) |
3,069 |
4,981 |
||||
AD/CVD provision true-up |
1,796 |
- |
1,796 |
- |
||||
Non-GAAP net income attributable to |
28,238 |
9,056 |
62,278 |
124,948 |
||||
GAAP income per share - diluted |
|
|
|
|
||||
Non-GAAP income per share - |
|
|
|
|
||||
Shares used in computation - diluted |
69,857,925 |
60,829,073 |
68,333,493 |
60,705,300 |
View original content:https://www.prnewswire.com/news-releases/canadian-solar-reports-third-quarter-2021-results-301427847.html
SOURCE
Investor Relations Contacts: Isabel Zhang, Investor Relations, Canadian Solar Inc., investor@canadiansolar.com; David Pasquale, Global IR Partners, Tel: +1-914-337-8801, csiq@globalirpartners.com