RTTNews | Nov 19, 2020 06:25AM EST

06:25 Thursday, November 19, 2020 (RTTNews.com) - Canadian Solar Inc. (CSIQ) reiterated and narrowed its full year 2020 module shipment guidance of to 11.2 GW to 11.3 GW. The company also reiterated full year 2021 shipment guidance of 18 GW to 20 GW.

For the fourth quarter, the company expects total module shipments to be in the range of 2.9 GW to 3.0 GW, including approximately 350 MW of module shipments to own projects that may not be immediately recognized as revenues. Total revenues are expected to be in the range of $980 million to $1.015 billion. Gross margin is anticipated to be between 8% and 10%.

Shawn Qu, CEO, said: "Our updated module shipment guidance reflects the impact of the shortage of certain raw material supply and subsequent price increase, which is affecting our immediate term production plans and resulting in higher costs. That said, we have plans to mitigate the profit margin pressure. Some of the higher cost burden will be shared with our customers."

Third quarter total module shipments grew by 33% year-over-year to 3,169 MW driven by strong global demand growth. Net revenue grew by 20% to $914 million. Net income attributable to Canadian Solar was $8.8 million, or $0.15 per share, after the adverse impact of a $12.6 million withholding tax expense in China related to a special dividend distribution from the Module and System Solutions subsidiary to the company.

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