‘Silicon Module Super League’ (SMSL) member Hanwha Q CELLS reported mixed fourth-quarter 2015 financial results but achieved total PV module shipments of 3,306MW, an increase of 60% from 2,065MW (1,098MW excluding Q Cells) in 2014.
With full-year shipments within previous guidance of 3.2-3.4GW, Hanwha Q CELLS confirmed its position as the fifth largest PV module manufacturer in 2015 and fifth-ranked SMSL.
Hanwha Q CELLS missed expected revenue recognition on PV module shipments in the fourth quarter of 2015, due to timing issues that related to around 248MW of modules still in shipment to customers, including US-based NextEra, with which the company signed a 1.5GW supply contractin 2016.
Total module shipments in the quarter were 1,238MW, which included 990MW recognised in revenue, 911MW from external shipments and 78MW used in its own downstream PV project business. A total of 1MW of shipments were attributed OEM business in the quarter.
The US remained Hanwha Q CELLS most important market in the fourth quarter, accounting for 35.8% of recognised revenue, followed by Japan (22.1%), EMEA (14.3%) and China (11.7%). ‘Rest of world’ accounted for 16.2% of recognised revenue in the quarter.
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