Canadian Solar 2Q results show increased solar module demand

Canadian Solar solar module demand increased

Canadian Solar Inc. (Nasdaq: CSIQ) exceeded the company’s estimate for shipment of solar modules in the second quarter of 2013 by shipping 455 MW. The company had estimated module shipments for the quarter to be in the range of 380 MW to 420 MW.

Net revenue for the company was $380.4 million, which is a 44.3 percent increase from a net revenue $263.6 million in the first quarter of 2013 and a 9.2 percent increase from $348.2 million in the second quarter of 2012.

Despite declining sales in Europe, the company has been increasing sales steadily in America, Asia and other markets. In the second quarter of 2012, Europe accounted for $241.5 in net revenue, while American sales accounted for $54.5 million and Asia and other markets accounted for $52.2 million. In the second quarter of 2013, net revenue European sales had dropped to $40.2 million, while American sales were at $143.9 million and sales to Asia and other markets were $196.3 million.

According to a report from Bloomberg, two of the other top four solar panel producers, Yingli Green Energy Holding Co. and Trina Solar Ltd., also exceeded company projections for second-quarter sales.

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