Canadian Solar (NASDAQ: CSIQ) reported Q1 EPS of $1.04, $0.44 better than the analyst estimate of $0.60. Revenue for the quarter came in at $860.9 million versus the consensus estimate of $735.12 million.

Total solar module shipments were 1.23 GW, of which 1.03 GW was recognized in revenue, compared to 897 MW recognized in revenue in the fourth quarter of 2014, and first quarter guidance in the range of 1.0 GW to 1.03 GW

Utility Scale Project Pipeline Update

During the first quarter of 2015, Canadian Solar's late-stage, utility-scale solar projects increased by approximately 1.0 GW to 2.5 GW principally due to the acquisition of Recurrent. These projects include owned and joint-venture projects, as well as projects where the Company provides engineering, procurement, and construction ("EPC") services. The Company would like to caution that some of the projects under development may fail to secure all the permits and grid-connection approvals and as a result may not reach completion.

In Canada, as previously announced, the Company closed the sale of three solar power plants (GoldLight, Glenarm, and CityLights) totaling 30 MW AC and valued at over C$202 million ($162 million). The Company's late stage, utility-scale solar project pipeline in Ontario, Canada, now stands at approximately 184.2 MW DC, representing a revenue opportunity of approximately C$600 million as the projects are completed and revenue can be recognized under U.S. GAAP rules.

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book, and the global and local financing environment and is also subject to uncertainty relating to customer final demand and solar project construction schedule. Management's views and estimates are subject to change without notice.

For the second quarter of 2015, the Company expects total module shipments to be in the range of approximately 950 MW to 1000 MW, including approximately 165 MW of shipments to the Company's utility-scale solar projects that will not be recognized in second quarter 2015 revenue. Total revenue for the second quarter of 2015 is expected to be in the range of $570 million to $620 million, with gross margin expected to be between 13.0% and 15.0%.

The estimated commercial operation date ("COD") of all of the Company's late-stage projects in Canada, the U.S., Japan and China is subject to change without notice as a result of delays in permitting and construction, among other risk factors. The acceptance testing and closing process for projects only starts after COD. The length of acceptance testing may be affected by solar radiation levels and other weather conditions. As a result, the transfer of ownership to end customers may not always occur in the same quarter as COD. For the reasons noted, there is a risk that that actual results may differ from current management expectations.

For earnings history and earnings-related data on Canadian Solar (CSIQ) click here.