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Canadian Solar (CSIQ) Q1 Earnings Beat, Revenues Rise Y/Y
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Canadian Solar Inc. (CSIQ - Free Report) reported first-quarter 2022 earnings of 14 cents per share in contrast to the Zacks Consensus Estimate of a loss of 5 cents. However, the bottom line deteriorated 61.1% from the first-quarter 2021 reported figure.
Total Revenues
This solar cell manufacturer’s total revenues of $1,250.3 million missed the Zacks Consensus Estimate of $1,291 million by 3.1%. However, the top line improved a solid 14.8% from $1,089.4 million reported in the first quarter of 2021.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Solar module shipments in the quarter totaled 3.63 gigawatts (GW), which came within the guided range of 3.6-3.8 GW. This includes 156 megawatts (MW) for the company's utility-scale solar power projects. Total module shipments increased 42% on a year-over-year basis.
Canadian Solar’s gross margin was 14.5% in the quarter, which came in line with the lower end of the guided range of 14.5-15.5%.
Total operating expenses were $165 million, up 9.3% year over year. The increase was primarily due to higher selling and distribution expenses. Interest expenses were $15.3 million, up from the $14.7 million recorded in the year-ago period.
Financial Update
As of Mar 31, 2022, Canadian Solar’s cash and cash equivalents totaled $844.6 million, down from $869.8 million on Dec 31, 2021.
Long-term borrowings as of Mar 31, 2022 were $753.4 million, up from $523.6 million on Dec 31, 2021.
Guidance
For the second quarter of 2022, Canadian Solar expects total module shipments to be in the range of 4.9-5.1 GW, including approximately 150 MW of module shipments for its projects. Total revenues are expected in the range of $2.20-$2.30 billion. The gross margin is expected between 14.5% and 15.5%.
For 2022, the company continues to expect its revenues in the range of $7.0-$7.5 billion. Total module shipments are projected in the range of 20-22 GW.
SunPower Corporation (SPWR - Free Report) reported first-quarter 2022 adjusted earnings of 2 cents per share, which lagged the Zacks Consensus Estimate of 3 cents. The bottom line also marked a deterioration from the year-ago quarter’s earnings of 5 cents per share.
During the quarter under review, SunPower’s adjusted revenues came in at $336.1 million, while its GAAP revenues were $350.3 million. SPWR’s revenues surpassed the Zacks Consensus Estimate of $334 million by 0.7%.
Enphase Energy (ENPH - Free Report) reported first-quarter 2022 adjusted earnings of 79 cents per share, which improved by 41.1% from the 56 cents reported in the prior-year quarter. The Zacks Consensus Estimate for first-quarter earnings is pegged at 68 cents.
Enphase Energy’s first-quarter revenues of $441.3 million beat the Zacks Consensus Estimate of $434 million by 1.7%. ENPH’s top line soared 46.2% from the year-ago quarter’s $301.8 million.
First Solar, Inc. (FSLR - Free Report) reported a first-quarter 2022 loss of 41 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line deteriorated significantly from the prior-year quarter’s earnings of $1.96 per share.
First Solar’s first-quarter sales were $367 million, which lagged the Zacks Consensus Estimate of $567.4 million by 35.3%. FSLR’s top line also declined 54.3% from the year-ago quarter’s $803.4 million.
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Canadian Solar (CSIQ) Q1 Earnings Beat, Revenues Rise Y/Y
Canadian Solar Inc. (CSIQ - Free Report) reported first-quarter 2022 earnings of 14 cents per share in contrast to the Zacks Consensus Estimate of a loss of 5 cents. However, the bottom line deteriorated 61.1% from the first-quarter 2021 reported figure.
Total Revenues
This solar cell manufacturer’s total revenues of $1,250.3 million missed the Zacks Consensus Estimate of $1,291 million by 3.1%. However, the top line improved a solid 14.8% from $1,089.4 million reported in the first quarter of 2021.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Canadian Solar Inc. price-consensus-eps-surprise-chart | Canadian Solar Inc. Quote
Operational Update
Solar module shipments in the quarter totaled 3.63 gigawatts (GW), which came within the guided range of 3.6-3.8 GW. This includes 156 megawatts (MW) for the company's utility-scale solar power projects. Total module shipments increased 42% on a year-over-year basis.
Canadian Solar’s gross margin was 14.5% in the quarter, which came in line with the lower end of the guided range of 14.5-15.5%.
Total operating expenses were $165 million, up 9.3% year over year. The increase was primarily due to higher selling and distribution expenses.
Interest expenses were $15.3 million, up from the $14.7 million recorded in the year-ago period.
Financial Update
As of Mar 31, 2022, Canadian Solar’s cash and cash equivalents totaled $844.6 million, down from $869.8 million on Dec 31, 2021.
Long-term borrowings as of Mar 31, 2022 were $753.4 million, up from $523.6 million on Dec 31, 2021.
Guidance
For the second quarter of 2022, Canadian Solar expects total module shipments to be in the range of 4.9-5.1 GW, including approximately 150 MW of module shipments for its projects. Total revenues are expected in the range of $2.20-$2.30 billion. The gross margin is expected between 14.5% and 15.5%.
For 2022, the company continues to expect its revenues in the range of $7.0-$7.5 billion. Total module shipments are projected in the range of 20-22 GW.
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
SunPower Corporation (SPWR - Free Report) reported first-quarter 2022 adjusted earnings of 2 cents per share, which lagged the Zacks Consensus Estimate of 3 cents. The bottom line also marked a deterioration from the year-ago quarter’s earnings of 5 cents per share.
During the quarter under review, SunPower’s adjusted revenues came in at $336.1 million, while its GAAP revenues were $350.3 million. SPWR’s revenues surpassed the Zacks Consensus Estimate of $334 million by 0.7%.
Enphase Energy (ENPH - Free Report) reported first-quarter 2022 adjusted earnings of 79 cents per share, which improved by 41.1% from the 56 cents reported in the prior-year quarter. The Zacks Consensus Estimate for first-quarter earnings is pegged at 68 cents.
Enphase Energy’s first-quarter revenues of $441.3 million beat the Zacks Consensus Estimate of $434 million by 1.7%. ENPH’s top line soared 46.2% from the year-ago quarter’s $301.8 million.
First Solar, Inc. (FSLR - Free Report) reported a first-quarter 2022 loss of 41 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line deteriorated significantly from the prior-year quarter’s earnings of $1.96 per share.
First Solar’s first-quarter sales were $367 million, which lagged the Zacks Consensus Estimate of $567.4 million by 35.3%. FSLR’s top line also declined 54.3% from the year-ago quarter’s $803.4 million.