Canadian Solar Inc. (CSIQ - Free Report) reported second-quarter 2018 earnings of 26 cents per share, missing the Zacks Consensus Estimate of 33 cents by 21.2%. The company reported earnings of 63 cents per share in the year-ago quarter.
Total Revenues
Solar cell manufacturer Canadian Solar posted total revenues of $650.6 million in the quarter, which also missed the Zacks Consensus Estimate of $715 million by 9%. Further, the top line was down 6% from $692.3 million reported in second-quarter 2017.
Operational Update
Solar module shipments in the quarter totaled 1,700 megawatts (MW), up 23.7% from the first quarter’s shipment of 1,374 MW. The figure however exceeded management’s guided range of 1.50-1.60 gigawatt (GW).
Gross profit was $159.4 million, down 5% from the year-ago level of $167.8 million. Gross margin was 24.5% in the quarter (excluding the AD/CVD reversal benefits) compared with 24.2% in the prior-year quarter.
Total operating expenses were $105.5 million, up 25.5% year over year. Selling expenses totaled $40.3 million, up 2.4% year over year. General and administrative expenses were $56.4 million, up 6.6% year over year. Research and development expenses were $9.1 million compared with $7.3 million a year ago.
Interest expenses were $26.6 million, marginally down from $26.7 million recorded a year ago.
Financial Update
As of Jun 30, 2018, cash and cash equivalents were $452.5 million, down from $561.7 million as of Dec 31, 2017.
Long-term debt as of Jun 30, 2018 was $221.3 million, down from $404.3 million as of Dec 31, 2017.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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Free: See Our Top Stock and 4 Runners Up >>
Canadian Solar Inc. (CSIQ - Free Report) reported second-quarter 2018 earnings of 26 cents per share, missing the Zacks Consensus Estimate of 33 cents by 21.2%. The company reported earnings of 63 cents per share in the year-ago quarter.
Total Revenues
Solar cell manufacturer Canadian Solar posted total revenues of $650.6 million in the quarter, which also missed the Zacks Consensus Estimate of $715 million by 9%. Further, the top line was down 6% from $692.3 million reported in second-quarter 2017.
Operational Update
Solar module shipments in the quarter totaled 1,700 megawatts (MW), up 23.7% from the first quarter’s shipment of 1,374 MW. The figure however exceeded management’s guided range of 1.50-1.60 gigawatt (GW).
Gross profit was $159.4 million, down 5% from the year-ago level of $167.8 million. Gross margin was 24.5% in the quarter (excluding the AD/CVD reversal benefits) compared with 24.2% in the prior-year quarter.
Total operating expenses were $105.5 million, up 25.5% year over year. Selling expenses totaled $40.3 million, up 2.4% year over year. General and administrative expenses were $56.4 million, up 6.6% year over year. Research and development expenses were $9.1 million compared with $7.3 million a year ago.
Interest expenses were $26.6 million, marginally down from $26.7 million recorded a year ago.
Financial Update
As of Jun 30, 2018, cash and cash equivalents were $452.5 million, down from $561.7 million as of Dec 31, 2017.
Long-term debt as of Jun 30, 2018 was $221.3 million, down from $404.3 million as of Dec 31, 2017.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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