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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

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.