South Korean PV manufacturer Hanwha Q Cells Co., Ltd. achieved total net revenues of $543.0 million in the third quarter of 2017, down 6.0 percent from $577.7 million in the second quarter of 2017 and down 23.3 percent from $707.8 million in Q3 2016. Income from operations was $10.6 million, compared with $72.4 million in the third quarter of 2016. Net income was $5.0 million in the third quarter of 2017, compared with net income of $18.7 million in the second quarter of 2017 and $41.7 million in Q3 2016.
As of September 30, 2017, the company's in-house, annualized production capacities were 1,600 MW for ingots, 1,050 MW for wafer, 4,300 MW for cells and 4,300 MW for modules. By the end of this year, Hanwha Q Cells expects to increase its wafer production capacity to 1,100 MW.
Furthermore, the Company has additional module availability of up to 2,100 MW (annualized) as of September 30, 2017 from Hanwha Q Cells Korea Corporation, an affiliate of the Company. Hanwha Q Cells Korea Corporation is currently ramping-up its capacity with expected capacity of approximately 3,700 MW by year-end.
For the fourth quarter of 2017, the company estimates net revenues in the range of $610 million to $630 million. For the full year 2017, the company reiterates its previous guidance to total module shipments in the range of 5,500 to 5,700 MW.
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