Canadian Solar, a China-based solar firm, announced its financial results for the fourth quarter and fiscal year ended December 31, 2012.
According to the firm, solar module shipments were 404MW in the fourth quarter of 2012, compared to 384MW in the third quarter of 2012, while fourth-quarter net revenues reached US$294.8 million, representing an on-year decrease compared to US$326.0 million in the third quarter of 2012.
Revenues derived from the firm's total solutions business represented 12.8% of total revenues, compared to 21.5% in the third quarter of 2012, added Canadian Solar.
Gross profit in the fourth quarter of 2012 was US$14.9 million, compared to US$7.3 million in the third quarter of 2012 and US$41.4 million in the fourth quarter of 2011, said the firm. The sequential quarterly increase in gross profit was primarily due to higher shipment volume and a continued reduction in manufacturing costs. The on-year decline in gross profit was primarily due to a lower average selling price (ASP) partially offset by lower manufacturing costs.
Gross margin in the fourth quarter of 2012 was 5.0%, compared to 2.2% in the third quarter of 2012 and 8.7% in the fourth quarter of 2011, stated Canaidan Solar.
Net loss attributable to Canadian Solar in the fourth quarter of 2012 was US$105.0 million, compared to net loss of US$43.7 million in the third quarter 2012, and net loss of US$59.9 million, in the fourth quarter of 2011.
By geography, in the fourth quarter of 2012, sales to Europe markets represented 40.6% of net revenues, down from 47.9% in the third quarter of 2012 and 46.5% in fourth-quarter 2011, while sales to North America represented 20.0% of net revenues, a fall compared to 24.9% in the third quarter and 26.9% in the fourth quarter of 2011, noted Canadian Solar.
Sales to Asia and all other markets represented 39.4% of net revenues, showing a growth compared to 27.2% in the third quarter and 26.6% in the fourth quarter of 2011, added the firm.
Canadian Solar saw solar module shipments reach 1,543MW, up 16.6% on year from 1,323MW in fiscal year 2011 while net revenues in 2012 were US$1.3 billion, down from US$1.9 billion in fiscal year 2011.
Gross margin was of 7.0% in 2012, compared to 9.6% in 2011 and net loss was US$195 million in 2011, compared to net loss of US$90 million in 2011, Canadian Solar reported.
For the first quarter of 2013, the firms expects solar module shipments to be in the range of approximately 290-310MW, with gross margin expected to be between 8.0-10.0%.
For the full year 2013, Canadian Solar expects solar module shipments to be in the range of approximately 1.6-1.8GW, including modules used in the total solutions business.
