Canadian Solar had revenues of $721.4m in the first quarter of 2016, down 16.2% from the $860.9m during the same period last year.
Net income was $22.6m compared with $61.3m in the first quarter of 2015, the company said.
Total solar module shipments were 1198MW, of which 1172MW were recognized in revenue, compared with 1027MW recognized in revenue in 2015.
In the first quarter of this year, sales to the Americas represented 43.1% of net revenue, Asia 44.4% and Europe and others 12.5%, compared with 48.7%, 32.9%, 18.4% respectively, in the same period 2015.
Canadian Solar chairman and chief executive officer Shawn Qu said: “Our results for the first quarter came in above guidance, driven by robust demand in our solar module business.
“We now have approximately 438MWp of solar power plants in operation, with a resale value estimated to be approximately $950m.
The company’s project pipeline totals 13.5GWp, including about 2.1GWp in late-stage development and 11.4GWp in early- to mid-stage development.
It said that some of the projects under development may fail to secure all the required permits and grid-connection approvals and so may not reach completion.
Image: Canadian Solar
