Canadian Solar Inc. achieved net revenue in the third quarter of 2017 of $912.2 million, up 31.8 percent from $692.4 million in the second quarter of 2017 and up 38.8 percent from $657.3 million in the third quarter of 2016. Solar module shipments totaled 1,782 MW compared to 1,161 MW in the third quarter of 2016. Income from operations was $57.8 million in the third quarter of 2017, compared to $27.0 million in Q3 2016. Net income attributable to Canadian Solar was $13.3 million compared to $15.6 million in the third quarter of 2016.

Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked, solar module shipments, revenue and gross margin all exceeded guidance »mainly due to the better-than-expected demand in China, and the pull-in effects in the U.S. market ahead of the Section 201 ruling.« The company, however, »encounter some headwinds.« The cost of raw materials, such as high-purity polysilicon and aluminum extrusion products, »increased significantly during the quarter.«

As of October 31, 2017, the late-stage utility-scale solar project pipeline, including those in construction, totaled approximately 1,598.9 MW, which included 344 MW in Japan, 416 MW in China, 326 MW in Brazil, 238 MW in the U.S., 117 MW in Australia, 68 MW in Mexico, 41 MW in Chile, 22 MW in the Philippines, 18 MW in Africa and 8 MW in the U.K. The late-stage pipeline includes projects that have energy off-take agreements and are expected to be built within the next two to four years. Some projects »may not reach completion due to various completion risks, such as failure to secure permits and grid connection, among others.«

For the fourth quarter of 2017, the company expects its total solar module shipments to be in the range of approximately 1,650 MW to 1,750 MW. Total revenue is expected to be in the range of $1.77 billion to $1.81 billion. For the full year 2017, the company expects its total module shipments to be in the range of approximately 6.7 GW to 6.8 GW, compared to 6.0 GW to 6.5 GW as previously guided. Revenue for the full year are expected to be in the range of $4.05 billion to $4.09 billion.