Canadian Solar Turns To Profit In Q1

(RTTNews) - Canadian Solar Inc. (CSIQ) reported that its net income attributable to the company for the first quarter of 2018 was $43.4 million or $0.72 per share, compared to net loss of $13.3 million or $0.23 per share in the first quarter of 2017.

The company recorded a gain on the change in fair value of derivatives in the first quarter of 2018 of $4.5 million, compared to a gain of $7.6 million in the fourth quarter of 2017 and a loss of $7.8 million in the first quarter of 2017. Foreign exchange loss in the first quarter of 2018 was $8.5 million, compared to $9.5 million in the fourth quarter of 2017, and a foreign exchange gain of $14.2 million in the first quarter of 2017.

Net revenue in the first quarter of 2018 was $1.42 billion, 110.5% from $677.0 million in the first quarter of 2017.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share and revenues of $1.34 billion. Analysts' estimates typically exclude special items.

Solar module shipments in the first quarter of 2018 were 1,374 MW, compared to 1,831 MW in the fourth quarter of 2017, and first quarter 2018 guidance in the range of 1.30 GW to 1.35 GW.