Canadian Solar (NASDAQ: CSIQ) reported Q3 EPS of $0.79, $0.59 better than the analyst estimate of $0.20. Revenue for the quarter came in at $849.8 million versus the consensus estimate of $616.09 million.

Total solar module shipments were 1,198 MW, of which 1,150 MW were recognized in revenue, compared to 809 MW recognized in revenue in the second quarter of 2015.

The Company had $1.00 billion of cash, cash equivalents and restricted cash as of September 30, 2015, compared to $1.04 billion as of June 30, 2015.

Utility Scale Project Pipeline Update

Canadian Solar's late-stage, utility-scale solar project pipeline now totals approximately 2.5 GWp, with an estimated resale value and gross profit contribution exceeding $5.0 billion and $850 million, respectively, once these projects are built and connected to the grid over the next three years.

In Canada, in the third quarter of 2015, the Company started the commercial operation of its BeamLight solar power plant, which is being held on its balance sheet, and reached substantial completion on its 100 MW AC (141 MWp) Samsung Phase II, Kingston solar project, the largest solar power plant in Canada. The status of the Company's late-stage, utility-scale solar projects in Ontario, Canada as of September 30, 2015 is summarized below:

Guidance:

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 financing environment. It 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 fourth quarter of 2015, the Company expects total module shipments to be in the range of approximately 1,300 MW to 1,350 MW, including approximately 170 MW of shipments to the Company's utility-scale solar projects that may not be recognized in the fourth quarter 2015 revenue. Total revenue for the fourth quarter of 2015 is expected to be in the range of $930 million to $980 million, with gross margin expected to be between 13% and 15%.

For the full year 2015, the Company is updating its guidance for total module shipments recognized in revenue to be in the range of approximately 4.15 GW to 4.2 GW. Total revenue for the full year 2015 is expected to be in the range of $3.28 billion to $3.33 billion, compared to prior guidance of $2.8 billion to $3.0 billion.

*** The Street sees Q4 revenue of $774 million and FY15 revenue of $3.01 billion.

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