Canadian Solar Inc., one of the largest solar companies, has released its financial results for the third quarter ended September 30, 2011 which shows that company has incurred a revenue of $499.6 million, compared to $481.8 million in Q2 2011.

The company’s report also indicates that total solar module shipments for the third quarter of 2011 were 355 MW, compared to total module shipments of 287 MW for the second quarter 2011 and 200 MW for the third quarter of 2010.  Total solar module shipments for the third quarter of 2011 included 19.4 MW used in the company's total solutions business. Gross profit in the third quarter of 2011 was $11.9 million and operating expenses were $42.6 million, said the company officials.

Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar, said that this was another challenging quarter as the solar industry continues to navigate pricing pressures, financing restrictions and fluctuating subsidies.  

“I am proud that Canadian Solar's team remained focused despite the potential distractions.  We met our shipment guidance for the quarter, reduced inventory levels and further improved our balance sheet.  Customers continue to partner with Canadian Solar because of our global brand, strong track record of execution, the proven high-quality and performance of our modules, and our dedicated service.  Based on our results, we believe that Canadian Solar is benefiting from the flight to quality and continues to gain market share,” Qu added.

In terms of sales, the company’s 61.7 percent of the sales was to European markets, sales to North America represented 16.1 percent of revenue, and sales to Asia and others represented 22.2 percent of revenue, compared to 76.6 percent, 15.2 percent and 8.2 percent, respectively, in the second quarter of 2011 and 77.0 percent, 6.8 percent and 16.2 percent, respectively, in the third quarter of 2010.

Michael G. Potter, senior vice president and chief financial officer of Canadian Solar, commented, “Unlike many other companies, Canadian Solar has adequate capacity – not overcapacity; and an inventory of high performance modules that customers want – not excess inventory of non-desired product.  We will continue to evaluate and match resources to demand levels as we manage our cost structure.”  

He continued, “We are confident that, through continued strict management of our supply chain, inventory, operating costs and balance sheet, especially our working capital, Canadian Solar will emerge from this period in an even stronger financial and competitive position in the markets that we serve worldwide.”

In other news, Canadian Solar recently announced that it has supplied solar modules for an 8.5 MW power plant in Lindenhof near Neubrandenburg in the German state of Mecklenburg-Vorpommern. Berlin-based saferay expects to complete the project next month.