Canadian Solar Inc (CSIQ) has reported 50.45 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $15.18 million, or $0.27 a share in the quarter, compared with $30.64 million, or $0.53 a share for the same period last year. Revenue during the quarter dropped 22.65 percent to $657.32 million from $849.81 million in the previous year period. Gross margin for the quarter expanded 292 basis points over the previous year period to 17.84 percent. Total expenses were 95.90 percent of quarterly revenues, down from 96.37 percent for the same period last year. This has led to an improvement of 47 basis points in operating margin to 4.10 percent.
Operating income for the quarter was $26.97 million, compared with $30.88 million in the previous year period.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: “Our solar module shipments and revenue came in at the low end of our guidance, due to the dislocation of the global solar market during the quarter and the quarter-end logistic disruption caused by the bankruptcy of Hanjin Shipping in September. Our team has effectively managed the supply chain and our own production output to offset the macro impact of solar module ASP declines in the broader market.
Canadian Solar projects revenue to be in the range of $2,780 million to $2,940 million for financial year 2016.
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