Canadian Solar Inc. ( CSIQ Quick Quote 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.
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.
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.
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.
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 Quick Quote 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 Quick Quote 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 Quick Quote 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.