Canadian Solar has reported net revenue of $650.6m in the second quarter of 2018 – a drop of 54.3% on the $1.42bn in the previous quarter and less than the guidance range of $690m-$730m.
The company attributed the fall mainly to lower revenue from project sales, which was $85.6m in Q2 compared to $879.9m in the first three-month period.
Canadian Solar chairman and chief executive Shawn Qu said: “Our second quarter revenue was affected by the deferral of several project sales as well as an industrywide lower average module selling price.
“The solar policy change in China effective on May 31, 2018 has caused a significant disruption in China, and the global solar industry.
“However, we are confident we can navigate this challenging period given our proven track record even in prior periods of volatility.”
Image: Canadian Solar
Canadian Solar revenues drop
By EBS