Canadian Solar reported gross profit of $117.3m in the third quarter of 2016, down from $126.8m in the same period last year.
Revenue was also down at $657.3m, compared with $849.8m in 2015.
Module shipments were slightly up at 1161MW from 1140MW last year.
Canadian Solar chairman and chief executive Shawn Qu said: “Our module shipments and revenue came in at the low end of our guidance, due to the dislocation of the global solar market during the quarter and the quarter-end logistic disruption caused by the bankruptcy of Hanjin Shipping in September.”
The company expects the fourth quarter of 2016 to see solar module shipments in the range of 1.4GW to 1.5GW.
Total revenue in the fourth quarter is projected to be between $600m and $750m.
It also expects to close the sale of several utility-scale solar plants in Canada and China in the fourth quarter or in early 2017.
Qu said: “We remain confident in our long-term outlook and in our proven ability to navigate through disruptive, lower-visibility market environments.”
Image: Canadian Solar
