Canadian Solar Cuts Q4 Revenue Guidance Due to Delayed Project Sale

Canadian Solar noted that in September and October 2017, it had entered into definitive agreements with two buyers to sell a portfolio of six solar power projects in California, totaling 703 MWp.

Canadian Solar Inc has lowered revenue projections for the fourth quarter and full year 2017 due to a delay in completing the sale of a 703-MWp solar project portfolio in California.

In a press release, the company explained solar module shipment guidance for the fourth quarter of 2017 had been revised upwards and was expected to be in the range of approximately 1,720MW to 1,820MW, compared to previous guidance of 1,650MW to 1,750MW.

As a result of the delay in completing the transactions, the Company now expects its total revenue for the fourth quarter of 2017 to be in the range of $1.04 billion to $1.08 billion, compared to $1.77 billion to $1.81 billion guided previously.

Canadian Solar noted that in September and October 2017, it had entered into definitive agreements with two buyers to sell a portfolio of six solar power projects in California, totaling 703 MWp.

For the full year 2017, the company expects combined module shipments to be in the range of 6.8 GW to 6.9 GW, whereas annual revenues are expected to fall short of the previously guided $4.05 to $4.09 billion, coming in at between $3.33 and $3.37 billion.