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Canadian Solar (CSIQ) Q4 Earnings Miss, 2022 Revenue View Up
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Canadian Solar Inc. (CSIQ - Free Report) reported fourth-quarter 2021 adjusted earnings of 17 cents per share, which missed the Zacks Consensus Estimate of 38 cents by 55.3%. However, the bottom line improved 21.4% from the fourth-quarter 2020 reported figure.
Barring one-time items, Canadian Solar posted GAAP earnings of 39 cents compared with 11 cents in the prior-year quarter.
For 2021, the company reported adjusted earnings of $1.13 per share, down from $2.16 generated in 2020.
Canadian Solar Inc. Price, Consensus and EPS Surprise
This solar cell manufacturer’s total revenues of $1,528.7 million missed the Zacks Consensus Estimate of $1,545 million by 1.1%. The top line however improved a solid 46.9% from $1,040.7 million reported in fourth-quarter 2020. For 2021, the company generated revenues worth $5.28 billion, up from $3.48 billion reported in 2020.
Operational Update
Solar module shipments in the quarter totaled 3.83 gigawatts (GW), which came in a bit above the mid-point of the guided range of 3.7-3.9 GW. This includes 263 megawatts (MWs) for the company's utility-scale solar power projects. Total module shipments increased 28% on a year-over-year basis. Canadian Solar’s gross margin was 19.7% in the quarter, above the guided range of 14-16%.
Total operating expenses were $234 million, up 68.3% year over year. The increase was due to higher shipping and handling expenses as well as research and development expenses.
Interest expenses were $15.5 million, down from $18 million recorded in the year-ago period.
Financial Update
As of Dec 31, 2021, Canadian Solar’s cash and cash equivalents totaled $869.8 million, down from $1,178.8 million on Dec 31, 2020.
Long-term borrowings as of Dec 31, 2021 were $523.6 million, up from $446.1 million on Dec 31, 2020.
Guidance
For the first quarter of 2022, Canadian Solar expects total module shipments of 3.6-3.8 GW including approximately 210 MW of module shipments to its projects. Total revenues are expected in the range of $1.25-$1.35 billion. The gross margin is expected between 14.5% and 15.5%.
For 2022, the company has hiked its expectations for total revenues to the range of $7.0-$7.5 billion from $6.5-$7.0 billion guided previously.
Zacks Rank
Canadian Solar currently carries a Zacks Rank #4 (Sell).
Enphase Energy (ENPH - Free Report) reported fourth-quarter 2021 adjusted earnings of 73 cents per share, which surpassed the Zacks Consensus Estimate of 57 cents by 28.1%. The bottom line increased 43.1% from 51 cents per share reported in the prior-year quarter.
Enphase Energy’s fourth-quarter revenues of $412.7 million beat the Zacks Consensus Estimate of $403 million by 2.4%. ENPH’s top line soared 55.8% from the year-ago quarter’s $264.8 million, driven by strong demand for its microinverter systems.
SunPower (SPWR - Free Report) reported fourth-quarter 2021 loss of 7 cents per share, in contrast to the Zacks Consensus Estimate of earnings of 4 cents. The bottom line significantly declined from earnings of 14 cents per share reported in the prior-year quarter.
SunPower’s total revenues came in at $384.2 million, which declined 13.8% from the prior-year quarter. SPWR’s top line also beat the Zacks Consensus Estimate of $379.1 million by 1.3%.
Sunrun (RUN - Free Report) reported fourth-quarter 2021 earnings of 10 cents per share, in line with the Zacks Consensus Estimate. The bottom line significantly improved from a loss of 6 cents per share reported in the prior-year quarter.
Sunrun’s total revenues for the quarter came in at $435.2 million, which increased 35.8% from the prior-year quarter. RUN’s top line also surpassed the Zacks Consensus Estimate by 11%.
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Canadian Solar (CSIQ) Q4 Earnings Miss, 2022 Revenue View Up
Canadian Solar Inc. (CSIQ - Free Report) reported fourth-quarter 2021 adjusted earnings of 17 cents per share, which missed the Zacks Consensus Estimate of 38 cents by 55.3%. However, the bottom line improved 21.4% from the fourth-quarter 2020 reported figure.
Barring one-time items, Canadian Solar posted GAAP earnings of 39 cents compared with 11 cents in the prior-year quarter.
For 2021, the company reported adjusted earnings of $1.13 per share, down from $2.16 generated in 2020.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Canadian Solar Inc. price-consensus-eps-surprise-chart | Canadian Solar Inc. Quote
Total Revenues
This solar cell manufacturer’s total revenues of $1,528.7 million missed the Zacks Consensus Estimate of $1,545 million by 1.1%. The top line however improved a solid 46.9% from $1,040.7 million reported in fourth-quarter 2020.
For 2021, the company generated revenues worth $5.28 billion, up from $3.48 billion reported in 2020.
Operational Update
Solar module shipments in the quarter totaled 3.83 gigawatts (GW), which came in a bit above the mid-point of the guided range of 3.7-3.9 GW. This includes 263 megawatts (MWs) for the company's utility-scale solar power projects. Total module shipments increased 28% on a year-over-year basis.
Canadian Solar’s gross margin was 19.7% in the quarter, above the guided range of 14-16%.
Total operating expenses were $234 million, up 68.3% year over year. The increase was due to higher shipping and handling expenses as well as research and development expenses.
Interest expenses were $15.5 million, down from $18 million recorded in the year-ago period.
Financial Update
As of Dec 31, 2021, Canadian Solar’s cash and cash equivalents totaled $869.8 million, down from $1,178.8 million on Dec 31, 2020.
Long-term borrowings as of Dec 31, 2021 were $523.6 million, up from $446.1 million on Dec 31, 2020.
Guidance
For the first quarter of 2022, Canadian Solar expects total module shipments of 3.6-3.8 GW including approximately 210 MW of module shipments to its projects. Total revenues are expected in the range of $1.25-$1.35 billion. The gross margin is expected between 14.5% and 15.5%.
For 2022, the company has hiked its expectations for total revenues to the range of $7.0-$7.5 billion from $6.5-$7.0 billion guided previously.
Zacks Rank
Canadian Solar currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
Enphase Energy (ENPH - Free Report) reported fourth-quarter 2021 adjusted earnings of 73 cents per share, which surpassed the Zacks Consensus Estimate of 57 cents by 28.1%. The bottom line increased 43.1% from 51 cents per share reported in the prior-year quarter.
Enphase Energy’s fourth-quarter revenues of $412.7 million beat the Zacks Consensus Estimate of $403 million by 2.4%. ENPH’s top line soared 55.8% from the year-ago quarter’s $264.8 million, driven by strong demand for its microinverter systems.
SunPower (SPWR - Free Report) reported fourth-quarter 2021 loss of 7 cents per share, in contrast to the Zacks Consensus Estimate of earnings of 4 cents. The bottom line significantly declined from earnings of 14 cents per share reported in the prior-year quarter.
SunPower’s total revenues came in at $384.2 million, which declined 13.8% from the prior-year quarter. SPWR’s top line also beat the Zacks Consensus Estimate of $379.1 million by 1.3%.
Sunrun (RUN - Free Report) reported fourth-quarter 2021 earnings of 10 cents per share, in line with the Zacks Consensus Estimate. The bottom line significantly improved from a loss of 6 cents per share reported in the prior-year quarter.
Sunrun’s total revenues for the quarter came in at $435.2 million, which increased 35.8% from the prior-year quarter. RUN’s top line also surpassed the Zacks Consensus Estimate by 11%.