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Canadian Solar (CSIQ) Q4 Earnings Beat, Revenues Fall Y/Y
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Canadian Solar Inc. (CSIQ - Free Report) reported fourth-quarter 2023 loss of 2 cents per share, which came in much narrower than the Zacks Consensus Estimate of a loss of 13 cents. The bottom line also deteriorated from the year-ago quarter’s reported profit of $1.11.
For 2023, the company reported earnings of $3.87 per share, up from $3.44 recorded in 2022. The full-year earnings also surpassed the Zacks Consensus Estimate of $3.68 by 5.2%.
Total Revenues
This solar cell manufacturer’s total fourth-quarter 2023 revenues of $1.72 billion beat the Zacks Consensus Estimate of $1.65 billion by 3.2%. The top line, however, decreased 13.7% from $1.97 billion reported in the fourth quarter of 2022.
The reported figure was within the company’s guided range of $1.6-$1.8 billion. For 2023, the company reported revenues of $7.61 billion, up from $7.47 billion recorded in 2022.
Operational Update
Solar module shipments in the quarter totaled 8.2 gigawatts (GW), above the guided range of 7.6-8.1 GW. This includes 47 megawatts (MW) of the company's utility-scale solar power projects. Total module shipments increased 26% on a year-over-year basis.
Canadian Solar’s gross margin was 12.5% in the quarter, below the guided range of 14-16%. Total operating expenses were $213 million, flat year over year.
Depreciation and amortization charges amounted to $89 million, up from $50 million recorded in the year-ago period.
Financial Update
As of Dec 31, 2023, Canadian Solar’s cash and cash equivalents totaled $1.94 billion, up from $981.4 million as of Dec 31, 2022.
Long-term borrowings as of Dec 31, 2023, were $1.27 billion, up from $0.81 billion as of Dec 31, 2022.
Guidance
For the first quarter of 2024, Canadian Solar expects total module shipments in the range of 6.1-6.4 GW, including approximately 235 MW of module shipments for its projects.
Total revenues are expected in the range of $1.2-$1.4 billion. The Zacks Consensus Estimate for first-quarter sales is pegged at $1.64 billion, higher than the midpoint of the company’s guided range.
The gross margin is expected between 17% and 19%.
Total battery energy storage shipments by CSI Solar in the first quarter are expected to be approximately 1 GWh.
For 2024, total module shipments are expected between 42 GW and 47 GW. Battery storage shipments are projected in the range of 6-6.5 GWh.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported a fourth-quarter 2023 adjusted loss of 92 cents per share, narrower than the Zacks Consensus Estimate of a loss of $1.47. The bottom line deteriorated from the prior-year quarter’s reported profit of $2.86.
The company’s quarterly revenues of $316 million missed the Zacks Consensus Estimate of $320 million by 1.2%. The top line also declined 64.5% from the year-ago quarter’s figure of $890.7 million.
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2023 adjusted earnings of 54 cents per share, indicating a 64.2% decline from $1.51 reported in the prior-year quarter. The bottom line was on par with the Zacks Consensus Estimate.
Enphase Energy’s fourth-quarter revenues of $302.6 million missed the Zacks Consensus Estimate of $327 million by 7.5%. The top line also declined 58.2% from the prior-year quarter’s reported figure of $724.7 million.
SunPower Corporation (SPWR - Free Report) reported a fourth-quarter 2023 adjusted loss of 51 cents per share against earnings of 11 cents in the prior-year period. The loss was wider than the Zacks Consensus Estimate of a loss of 27 cents per share.
During the quarter under review, SunPower’s adjusted revenues totaled $361.3 million, while GAAP revenues amounted to $356.9 million. The GAAP top line deteriorated 28.3% from the year-ago quarter’s figure of $498 million. The Zacks Consensus Estimate for sales was pegged at $365 million.
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Canadian Solar (CSIQ) Q4 Earnings Beat, Revenues Fall Y/Y
Canadian Solar Inc. (CSIQ - Free Report) reported fourth-quarter 2023 loss of 2 cents per share, which came in much narrower than the Zacks Consensus Estimate of a loss of 13 cents. The bottom line also deteriorated from the year-ago quarter’s reported profit of $1.11.
For 2023, the company reported earnings of $3.87 per share, up from $3.44 recorded in 2022. The full-year earnings also surpassed the Zacks Consensus Estimate of $3.68 by 5.2%.
Total Revenues
This solar cell manufacturer’s total fourth-quarter 2023 revenues of $1.72 billion beat the Zacks Consensus Estimate of $1.65 billion by 3.2%. The top line, however, decreased 13.7% from $1.97 billion reported in the fourth quarter of 2022.
The reported figure was within the company’s guided range of $1.6-$1.8 billion.
For 2023, the company reported revenues of $7.61 billion, up from $7.47 billion recorded in 2022.
Operational Update
Solar module shipments in the quarter totaled 8.2 gigawatts (GW), above the guided range of 7.6-8.1 GW. This includes 47 megawatts (MW) of the company's utility-scale solar power projects. Total module shipments increased 26% on a year-over-year basis.
Canadian Solar’s gross margin was 12.5% in the quarter, below the guided range of 14-16%. Total operating expenses were $213 million, flat year over year.
Depreciation and amortization charges amounted to $89 million, up from $50 million recorded in the year-ago period.
Financial Update
As of Dec 31, 2023, Canadian Solar’s cash and cash equivalents totaled $1.94 billion, up from $981.4 million as of Dec 31, 2022.
Long-term borrowings as of Dec 31, 2023, were $1.27 billion, up from $0.81 billion as of Dec 31, 2022.
Guidance
For the first quarter of 2024, Canadian Solar expects total module shipments in the range of 6.1-6.4 GW, including approximately 235 MW of module shipments for its projects.
Total revenues are expected in the range of $1.2-$1.4 billion. The Zacks Consensus Estimate for first-quarter sales is pegged at $1.64 billion, higher than the midpoint of the company’s guided range.
The gross margin is expected between 17% and 19%.
Total battery energy storage shipments by CSI Solar in the first quarter are expected to be approximately 1 GWh.
For 2024, total module shipments are expected between 42 GW and 47 GW. Battery storage shipments are projected in the range of 6-6.5 GWh.
Zacks Rank
Canadian Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
SolarEdge Technologies, Inc. (SEDG - Free Report) reported a fourth-quarter 2023 adjusted loss of 92 cents per share, narrower than the Zacks Consensus Estimate of a loss of $1.47. The bottom line deteriorated from the prior-year quarter’s reported profit of $2.86.
The company’s quarterly revenues of $316 million missed the Zacks Consensus Estimate of $320 million by 1.2%. The top line also declined 64.5% from the year-ago quarter’s figure of $890.7 million.
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2023 adjusted earnings of 54 cents per share, indicating a 64.2% decline from $1.51 reported in the prior-year quarter. The bottom line was on par with the Zacks Consensus Estimate.
Enphase Energy’s fourth-quarter revenues of $302.6 million missed the Zacks Consensus Estimate of $327 million by 7.5%. The top line also declined 58.2% from the prior-year quarter’s reported figure of $724.7 million.
SunPower Corporation (SPWR - Free Report) reported a fourth-quarter 2023 adjusted loss of 51 cents per share against earnings of 11 cents in the prior-year period. The loss was wider than the Zacks Consensus Estimate of a loss of 27 cents per share.
During the quarter under review, SunPower’s adjusted revenues totaled $361.3 million, while GAAP revenues amounted to $356.9 million. The GAAP top line deteriorated 28.3% from the year-ago quarter’s figure of $498 million. The Zacks Consensus Estimate for sales was pegged at $365 million.