Canadian Solar reported record results in 2018 with net income up to over $237m, compared with almost $100m in the previous year.
Gross profit rose to $775m in 2018, an increase on $638m in 2017, according to the company’s 2018 financial results.
Net revenue for 2018 increased to $3.74bn compared with $3.39bn in 2017, falling within the revised full-year guidance range of $3.69bn to $3.74bn.
Total solar module shipments were down in 2018, at 6615MW, compared with 6828MW in 2017, falling within the revised full year guidance in the range of 6.56GW to 6.61GW.
Canadian Solar chief executive Shawn Qu said: “2018 was a record year for us as our revenue, total module shipments and gross margin all exceeded our expectations for both the fourth quarter and full year 2018.”
Qu said the acceleration on the sale of certain solar power projects also positively contributed to the company’s revenue and profit in 2018.
“However, this will reduce our project sales revenue and profit in 2019, as noted in our outlook,” he said.
The company’s portfolio of solar power plants in operation as of 28 February 2019 stands at 986MW, with an estimated total resale value of approximately $1.2bn.
Its portfolio of late-stage, utility-scale solar power projects as of 28 February 2019, including those under construction, is approximately 2.9GW.
Qu said: “Our focus remains on downstream energy business where we can leverage our expertise and competitive advantage to deliver a higher return on investment.
“This includes consistently winning new projects in sought-after markets, reliably developing projects on time and on budget and leveraging our powerful global network of banking and investor partners.”
The company has also appointed Arthur Wong as an independent director of the company, effective 8 March 2019.