"Fourth Quarter 2015 Highlights
Total solar module shipments were a quarterly record high of 1,430 MW, of which 1,398 MW were recognized in revenue, compared to 1,150 MW recognized in revenue in the third quarter of 2015.
Net revenue was a quarterly record high of $1,120.3 million, compared to $849.8 million in the third quarter of 2015.
Net revenue from the total solutions business as a percentage of total net revenue was 30.7%, compared to 26.6% in the third quarter of 2015.
Gross margin was 17.9%, compared to 14.9% in the third quarter of 2015.
Net income attributable to Canadian Solar was $62.3 million, or $1.05 per diluted share, compared to $30.4 million, or $0.53 per diluted share, in the third quarter of 2015.
Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.1 billion, compared to $1.0 billion at the end of the third quarter of 2015.
Net cash generated from operating activities was $201.7 million, compared to $41.4 million in the third quarter of 2015.
During the quarter, the Company completed the construction and tax-equity financing of all of its late-stage, utility-scale project pipeline in the U.S., and sold controlling stakes in two projects totaling 246.9 MWp.
During the quarter, the Company completed the sale of three solar power plants valued at over C$197.1 million ($144.5 million), in Canada.
The Company has recently started the operation and retained ownership of solar power plants totaling 144.0 MWp, including 14.1 MWp in Canada, 6.2 MWp in Japan, 22.9 MWp in the United Kingdom and 100.8 MWp in China...
For the first quarter of 2016, the Company expects total module shipments to be in the range of approximately 1,085 MW to 1,135 MW, including approximately 15 MW of shipments to the Company's utility-scale solar projects that may not be recognized in first quarter 2016 revenue. Total revenue for the first quarter of 2016 is expected to be in the range of $645 million to $695 million, with gross margin expected to be between 12% and 14%....
Business Outlook
...For the full year 2016, the Company expects total module shipments to be in the range of approximately 5.4 GW to 5.5 GW, with approximately 5.0 GW recognized in revenue. Total revenue for the full year 2016 is expected to be in the range of $2.9 billion to $3.1 billion. The Company expects its cost of production to decrease throughout the year as new internal wafer, cell module capacities come online both inside and outside China, and the percentage of external purchase and OEM is reduced. Management expects that the increase in vertical integration along the manufacturing steps will help the Company maintain or improve its gross margin...."
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