Canadian Solar back in the black

Canadian Solar all but wrote off the European PV market in the third quarter, as strong module sales in Asia and the Americas and the ongoing success of its downstream projects business launched the company back into profitability.

Canadian Solar, which performs most of its manufacturing in China, reported a net income of $27.7m for the third quarter – coming off losses of $12.6m in the second quarter, and $43.7m in third-quarter 2012.

Canadian Solar follows JinkoSolar, which became the first major Chinese manufacturer to return to profitability during the second quarter of this year. Canadian Solar anticipates being profitable for the whole of 2013.

Yesterday Hanwha SolarOne, a smaller Chinese rival, reported another loss for the third quarter.

Just 9.5% of Canadian Solar’s revenues came from Europe Log in to read complete article.

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