Canadian Solar Inc. (CSIQ - Free Report) reported adjusted first-quarter 2019 loss of 29 cents per share, narrower than the Zacks Consensus Estimates of a loss of 44 cents. However, the company’s adjusted first-quarter 2018 earnings were 72 cents per share.
Total Revenues
In the reported quarter, total revenues of this solar cell manufacturer came in at $484.7 million, beating the Zacks Consensus Estimate of $471 million by 2.9%. However, the top line declined 66% from $1,425 million reported in first-quarter 2018.
Operational Update
Solar module shipments in the quarter totaled 1,575 megawatts (MW), down 19.3% from fourth-quarter’s shipment of 1,951 MW. However, the figure exceeded management’s first-quarter 2019 guidance of 1.30-1.40 gigawatt (GW).
Gross profit was $107.4 million, down 25.4% from the year-ago quarter’s level of $143.9 million. Gross margin was 22.2% in the quarter (excluding the CVD reversal benefits). Including the benefits, gross margin was 30.1% compared with 10.1% in the first quarter of 2018, he year-over-year increase was driven by a lower blended module manufacturing cost compared to its previous forecast.
Total operating expenses amounted to $100.8 million, up 53.4% year over year. Selling expenses totaled $37.9 million, down 10.4% year over year. General and administrative expenses were $51.4 million, up 5.3% year over year. Research and development expenses were $13.2 million compared with $9.5 million in the year-ago period.
Interest expenses were $21.7 million, down from $29.6 million recorded in the year-ago period.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
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Canadian Solar Inc. (CSIQ - Free Report) reported adjusted first-quarter 2019 loss of 29 cents per share, narrower than the Zacks Consensus Estimates of a loss of 44 cents. However, the company’s adjusted first-quarter 2018 earnings were 72 cents per share.
Total Revenues
In the reported quarter, total revenues of this solar cell manufacturer came in at $484.7 million, beating the Zacks Consensus Estimate of $471 million by 2.9%. However, the top line declined 66% from $1,425 million reported in first-quarter 2018.
Operational Update
Solar module shipments in the quarter totaled 1,575 megawatts (MW), down 19.3% from fourth-quarter’s shipment of 1,951 MW. However, the figure exceeded management’s first-quarter 2019 guidance of 1.30-1.40 gigawatt (GW).
Gross profit was $107.4 million, down 25.4% from the year-ago quarter’s level of $143.9 million. Gross margin was 22.2% in the quarter (excluding the CVD reversal benefits). Including the benefits, gross margin was 30.1% compared with 10.1% in the first quarter of 2018, he year-over-year increase was driven by a lower blended module manufacturing cost compared to its previous forecast.
Total operating expenses amounted to $100.8 million, up 53.4% year over year. Selling expenses totaled $37.9 million, down 10.4% year over year. General and administrative expenses were $51.4 million, up 5.3% year over year. Research and development expenses were $13.2 million compared with $9.5 million in the year-ago period.
Interest expenses were $21.7 million, down from $29.6 million recorded in the year-ago period.
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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