In the second quarter of 2019 Canadian Solar’s gross profit increased to $183m, compared with $159m in the same quarter last year.
The company attributed the positive results to good demand levels in key markets, more stable average selling prices for panels and higher capacity utilisation.
Gross profit for the second quarter was also up on $107.4m in the first quarter of this year.
Total solar module shipments in the second quarter of 2019 stood at 2143MW, compared with 1575MW in the first quarter of this year.
These shipments included 65MW shipped to the Canadian Solar’s own utility-scale projects.
As of 31 July 2019, the company’s portfolio of utility-scale solar power plants in operation was 795.8MW with an estimated total resale value of approximately $1bn.
During the second quarter, Canadian Solar signed a multi-year contract with EDF Renewables North America to supply 1.8GW of high-efficiency modules, which is the largest single supply agreement the company has signed to date.
Canadian Solar chief executive Shawn Qu said: “Canadian Solar’s strong Q2 financial performance is principally due to the resiliency of our business model and our team’s solid execution of the business plan.
“Our focus on achieving improved operating efficiencies with reduced manufacturing costs across global operations, while continuing to invest in R&D to ensure long-term success, puts us in the most competitive position in the company’s history.”