GLONGHUI May 9 | CSIQ.US (CSIQ.US) announced the results for the first quarter of 2024. During the reporting period, the company's net revenue was 1.3 billion US dollars, down 22% year on year, in line with expectations of 1.2 billion to 1.4 billion US dollars; gross profit was 253 million US dollars, down 21% year on year; gross margin was 19.0%, at the highest level in the guidance range of 17% to 19%, compared with 12.5% in the previous quarter; net profit attributable to the company was 12 million US dollars, with diluted earnings of 0.19 US dollars per share.
In the first quarter, solar module shipments were 6.3 GW, up 4% year over year, of which 236 MW were shipped to the company's own utility-scale solar power project. E-storage recorded a record quarterly delivery volume, with revenue exceeding total revenue in 2023.
The company expects total revenue for the second quarter of 2024 to be between US$1.5 billion and US$1.7 billion. The gross margin is expected to be between 16% and 18%. Total component shipments confirmed by CSI Solar as revenue are expected to be between 7.5 GW and 8.0 GW, including approximately 100MW of installed capacity in the company's own projects. CSI Solar's total battery energy storage shipments in the second quarter of 2024 are expected to be between 1.4 GWh and 1.6 GWh, including about 800 MWh of the company's own projects.
The company anticipates that in 2024, total component shipments will be between 35 GW and 40 GW, and CSI Solar's total battery energy storage shipments will be between 6.0 GWh and 6.5 GWh, including about 2 GW and 2.5 GWh of the company's own projects. The company's total revenue is expected to be between $7.3 billion and $8.3 billion.
Chairman and CEO Dr. Shawn Qu commented, “Shipments, revenue, and gross margins are in line with our expectations. We will continue to apply tailored strategies across our diverse business. In our module business, we focus on profitable growth and increasing our market share in key strategic markets. Demand remains strong, and we are seeing signs of improvement in the distributed generation market and specific regions. At Recurrent Energy, we are working to complete our investment in BlackRock and are implementing development pipelines for our huge solar and battery energy storage projects. Meanwhile, our e-Storage platform continues to grow rapidly as we secure contracts in new markets and advance our proprietary technology for utility-scale and residential applications.