Canadian Solar Inc. (NASDAQ: CSIQ) shares climbed 2% to $11.19 in todays late trading. The company today announced that it has entered into a deal with SkyPower Limited for building a 10.5 MW solar park in Ontario. Both the companies have already signed two EPC agreements earlier.
Dr. Shawn Qu, president and CFO of the company, said, “In continuing with the growth of Canadian Solar and our working partnership with SkyPower, this next collaboration strengthens our position as a leader in turnkey solution providers for utility scale and commercial systems in Ontario.”
All three projects are expected to be completed by third quarter of 2011. These projects are likely to generate 28 million KWh in their first full year of operation. The projects are meant to last for 20 years and are expected to produce 600 million kWh over their lifespan. The projects will also created hundreds of jobs in the clean-tech sector.
Canadian Solar is involved in the business of designing, developing, manufacturing and marketing of solar power products. Canadian Solar is mainly operational in Canada and has international presence. The company also produces industrial solar power generation systems. The company markets its products under the Canadian Solar brand name through direct sales agents. It also uses distributors’ channel and system integrators. The company was formed in 2001 and is based out of Canada.
Net revenues for the fourth quarter of 2010 were $452.7 million, compared to net revenues of $377.2 million for the third quarter of 2010 and net revenues of $254.2 million for the fourth quarter of 2009.
Net income for the fourth quarter of 2010 was $25.5 million, or $0.58 per diluted share, compared to net income of $20.3 million, or $0.47 per diluted share for the third quarter 2010, and a net loss of $15.6 million, or $0.38 per diluted share, for the fourth quarter of 2009.
Shipments for the fourth quarter of 2010 were 237 MW, including 10 MW relating to the delivery of systems kits, compared to shipments of 200 MW for the third quarter of 2010 and shipments of 141 MW for the fourth quarter of 2009. The companys sales growth reflects the continued success of its market diversification efforts, with sales to non-European markets accounting for 29% of revenue in the fourth quarter of 2010, compared to 23% in the third quarter of 2010 and 8% in the fourth quarter of 2009.
Net revenues for the full year 2010 were $1.5 billion compared to net revenues of $631 million for the full year 2009, a 137% increase.
Net income for the full year 2010 was $50.6 million, or $1.16 per diluted share, compared to net income for full year 2009 of $22.6 million, or $0.60 per diluted share.
Shipments for the full year 2010 were 803 MW, compared to shipments of 310 MW for the full year 2009, representing a 159% increase. Shipments for the full year 2010 include 24 MW relating to the delivery of systems kits.
In the fourth quarter of 2010, Canadian Solar wrote off its investment of $3 million and a prepayment of $9.7 million to a start-up supplier. This action follows the continued deterioration of the suppliers financial position and its default on scheduled materials deliveries in the fourth quarter of 2010.
• This newsletter has been helping traders make a killing on CSIQ. Click here for a 25% discount offer.
• Need fast service and cheap rates from a broker? Buy stock online at my favorite brokerage
• Want more? Check out the message board buzz for CSIQ
• See which newsletters are recommending this stock pick
• Get breaking news alerts on this stock: