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Canadian Solar (CSIQ) Q3 Earnings Beat, Revenues Rise Y/Y
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Canadian Solar Inc. (CSIQ - Free Report) reported third-quarter 2022 earnings of $1.12 per share, beating the Zacks Consensus Estimate of 58 cents by 93.1%. The bottom line also surged a whopping 115.4% from the third-quarter 2021 reported figure.
Total Revenues
This solar cell manufacturer’s total revenues of $1,932.5 million missed the Zacks Consensus Estimate of $2,042 million by 5.7%. However, the top line improved a solid 57% from the $1,429.7 million reported in the third quarter of 2021, primarily due to an increase in module shipments and the average selling price.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Solar module shipments in the quarter totaled 6 gigawatts (GW), which came at the lower end of the guided range of 6-6.2 GW. This includes 196 megawatts (MW) for the company's utility-scale solar power projects. Total module shipments increased 62% on a year-over-year basis.
Canadian Solar’s gross margin was 18.8% in the quarter, which came higher than the guided range of 15-16.5%. Total operating expenses were $274 million, up 55.7% year over year.
Depreciation and amortization charges were $56 million, down from the $71 million recorded in the year-ago period.
Financial Update
As of Sep 30, 2022, Canadian Solar’s cash and cash equivalents totaled $1,082.6 million, up from $869.8 million on Dec 31, 2021.
Long-term borrowings as of Sep 30, 2022 were $941.8 million, up from $523.6 million on Dec 31, 2021.
Guidance
For the fourth quarter of 2022, Canadian Solar expects total module shipments in the range of 6-6.3 GW, including approximately 290 MW of module shipments for its projects. Total revenues are expected in the range of $1.8-$1.9 billion.
The Zacks Consensus Estimate for fourth-quarter 2022 sales is pegged at $2.2 billion, slightly higher than the midpoint of the company’s guided range. The gross margin is expected between 16% and 18%.
For 2022, total battery storage shipments are expected between 1.8 gigawatt-hour (GWh) and 1.9 GWh, including approximately 300 MWh of its projects. Total project sales are likely to be in the range of 2.2-2.3 GW.
For 2023, the company expects total module shipments in the range of 30 GW-35 GW.
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2022 adjusted earnings of $1.25 per share, which improved by a solid 108.3% from the 60 cents reported in the prior-year quarter.
Enphase Energy’s third-quarter revenues of $634.7 million beat the Zacks Consensus Estimate of $617 million by 2.9%. The top line soared 80.6% from the year-ago quarter’s $351.5 million.
First Solar, Inc. (FSLR - Free Report) reported a third-quarter 2022 loss of 46 cents per share, wider than the Zacks Consensus Estimate of a loss of 23 cents. The bottom line declined significantly from the prior-year quarter’s earnings of 52 cents per share.
First Solar’s third-quarter sales were $628.9 million, which missed the Zacks Consensus Estimate of $770 million by 18.4%. However, the top line improved by 1.3% from the year-ago quarter’s $620.9 million, primarily due to increased module sales.
SunPower Corporation (SPWR - Free Report) reported third-quarter 2022 adjusted earnings of 13 cents per share, which declined 8.3% from the year-ago period.
During the quarter under review, SunPower’s adjusted revenues came in at $469.8 million compared with $281.6 million in the prior-year quarter.
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Canadian Solar (CSIQ) Q3 Earnings Beat, Revenues Rise Y/Y
Canadian Solar Inc. (CSIQ - Free Report) reported third-quarter 2022 earnings of $1.12 per share, beating the Zacks Consensus Estimate of 58 cents by 93.1%. The bottom line also surged a whopping 115.4% from the third-quarter 2021 reported figure.
Total Revenues
This solar cell manufacturer’s total revenues of $1,932.5 million missed the Zacks Consensus Estimate of $2,042 million by 5.7%. However, the top line improved a solid 57% from the $1,429.7 million reported in the third quarter of 2021, primarily due to an increase in module shipments and the average selling price.
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 6 gigawatts (GW), which came at the lower end of the guided range of 6-6.2 GW. This includes 196 megawatts (MW) for the company's utility-scale solar power projects. Total module shipments increased 62% on a year-over-year basis.
Canadian Solar’s gross margin was 18.8% in the quarter, which came higher than the guided range of 15-16.5%. Total operating expenses were $274 million, up 55.7% year over year.
Depreciation and amortization charges were $56 million, down from the $71 million recorded in the year-ago period.
Financial Update
As of Sep 30, 2022, Canadian Solar’s cash and cash equivalents totaled $1,082.6 million, up from $869.8 million on Dec 31, 2021.
Long-term borrowings as of Sep 30, 2022 were $941.8 million, up from $523.6 million on Dec 31, 2021.
Guidance
For the fourth quarter of 2022, Canadian Solar expects total module shipments in the range of 6-6.3 GW, including approximately 290 MW of module shipments for its projects. Total revenues are expected in the range of $1.8-$1.9 billion.
The Zacks Consensus Estimate for fourth-quarter 2022 sales is pegged at $2.2 billion, slightly higher than the midpoint of the company’s guided range. The gross margin is expected between 16% and 18%.
For 2022, total battery storage shipments are expected between 1.8 gigawatt-hour (GWh) and 1.9 GWh, including approximately 300 MWh of its projects. Total project sales are likely to be in the range of 2.2-2.3 GW.
For 2023, the company expects total module shipments in the range of 30 GW-35 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
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2022 adjusted earnings of $1.25 per share, which improved by a solid 108.3% from the 60 cents reported in the prior-year quarter.
Enphase Energy’s third-quarter revenues of $634.7 million beat the Zacks Consensus Estimate of $617 million by 2.9%. The top line soared 80.6% from the year-ago quarter’s $351.5 million.
First Solar, Inc. (FSLR - Free Report) reported a third-quarter 2022 loss of 46 cents per share, wider than the Zacks Consensus Estimate of a loss of 23 cents. The bottom line declined significantly from the prior-year quarter’s earnings of 52 cents per share.
First Solar’s third-quarter sales were $628.9 million, which missed the Zacks Consensus Estimate of $770 million by 18.4%. However, the top line improved by 1.3% from the year-ago quarter’s $620.9 million, primarily due to increased module sales.
SunPower Corporation (SPWR - Free Report) reported third-quarter 2022 adjusted earnings of 13 cents per share, which declined 8.3% from the year-ago period.
During the quarter under review, SunPower’s adjusted revenues came in at $469.8 million compared with $281.6 million in the prior-year quarter.