Canadian Solar reported a profit of almost $100m last year, up 53% on the $65m posted in 2016.
Revenue grew to $3.39bn in 2017, up from just above $2.85 the previous year.
The company was boosted by record solar module shipments of more than 6.8GW in 2017, a 29% increase on the over 5.2GW shipped in the previous 12 months.
Canadian Solar said as of 28 February this year that it has about 2GW of projects in its pipeline for development, including 459MW in the US, 435.7MW in Mexico, 410MW in China and 362.2MW in Japan.
It expects module shipments in 2018 to be in the range of 6.6GW to 7.1GW, with revenue for the year between $4.4bn and $4.6bn.
Canadian Solar chairman and chief executive Shawn Qu said: “Our revenue, shipments, gross margin and net income all exceeded our expectations for the fourth quarter and full year 2017.
“Our record-high solar module shipments for the full year 2017 were driven by strong demand from China, India, Europe and the US.
“We are also pleased with the impressive project sale momentum we achieved, led by demand for our highly-attractive project assets, which we have carefully built up over the past few years in key markets worldwide.”
Image: Canadian Solar
Canadian Solar profit soars 53%
By EBS