Canadian Solar (CSIQ) Prelim. Q4 Revenue Tops Views

Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies today announced it plans to report its financial results for the fourth quarter and full year 2018 on Thursday, March 21, 2019. Management will host a conference call to discuss these results and its business outlook for the first quarter and full year 2019.

The Company now expects its shipments for the fourth quarter of 2018 to be in the range of 1.90 GW to 1.95 GW, compared to the previous guidance of 1.67 GW to 1.72 GW; its net revenue for the fourth quarter of 2018 to be in range of $850 million to $900 million, compared to the previous guidance of $690 million to $800 million; and its gross margin for the fourth quarter of 2018 to be in the range of 27% to 28% compared to the previous guidance of 24% to 26%.

(Street sees Q4 revenue of $761.2 million)

The Company has been closely monitoring the bankruptcy filing of Pacific Gas and Electric Company ("PG&E"). Potential outcomes are dependent upon a variety of factors, including future decisions of PG&E, the bankruptcy court, the investment community, and other stakeholders. Consequently, the Company can only provide a preliminary assessment of its potential exposure.

The Company does not have material exposure with respect to previously sold projects. It does, however, have potential exposure with respect to 60 MWac of power purchase agreements with PG&E for a portion of the Gaskell West 2 project, which is planned to reach commercial operation in 2020. These power purchase agreements were executed in late 2017 at very competitive prices. Further, the Company has potential exposure with respect to interconnection agreements with PG&E including an early to mid-stage development project and the late-stage Slate project, which together total approximately 700 MWac. Based on current information, the planned commercial operation dates have not been impacted for any projects in the Company's pipeline. The Company will provide a further update, as possible, in its fourth quarter and full year 2018 earnings conference call.

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