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Canadian Solar (CSIQ) Q4 Earnings Beat, Revenues Rise Y/Y
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Canadian Solar Inc. (CSIQ - Free Report) reported fourth-quarter 2022 earnings of $1.11 per share, beating the Zacks Consensus Estimate of 48 cents by 131.3%. The bottom line also surged a whopping 184.6% from the fourth-quarter 2021 reported figure.
For 2022, the company reported earnings of $3.44 per share compared with earnings of $1.46 in 2021. Earnings beat the Zacks Consensus Estimate of $2.74 by 25.5%.
Total Revenues
This solar cell manufacturer’s total revenues of $1,976.1 million came in line with the Zacks Consensus Estimate. However, the top line improved a solid 47.1% from the $1,343.3 million reported in the fourth quarter of 2021, primarily due to an increase in module shipments.
For 2022, the company reported total revenues of $6.98 billion compared with the year-ago total revenues of $4.37 billion. However, total revenues missed the Zacks Consensus Estimate of $7.47 billion by 6.6%.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Solar module shipments in the quarter totaled 6.4 gigawatts (GW), higher than the guidance range of 6-6.3 GW. This includes 216 megawatts (MW) for the company's utility-scale solar power projects. Total module shipments increased 68% on a year-over-year basis.
Canadian Solar’s gross margin was 17.4% in the quarter toward the higher end of the guided range of 16-18%. Total operating expenses were $192.1 million, down 6.3% year over year.
Depreciation and amortization charges were $50 million, down from the $84 million recorded in the year-ago period.
Financial Update
As of Dec 31, 2022, Canadian Solar’s cash and cash equivalents totaled $981.4 million, up from $869.8 million on Dec 31, 2021.
Long-term borrowings as of Dec 31, 2022 were $813.4 million, up from $523.6 million on Dec 31, 2021.
Guidance
For the first quarter of 2023, Canadian Solar expects total module shipments in the range of 5.9-6.2 GW, including approximately 133 MW of module shipments for its projects. Total revenues are expected in the range of $1.6-$1.8 billion. The gross margin is expected between 18% and 20%.
For 2023, total module shipments are expected between 30 and 35 GW. Battery storage shipments are expected in the range of 1.8 gigawatt-hour (GWh)-2.0 GWh.
Total revenues are likely to be in the range of 8.5-9.5 billion. The Zacks Consensus Estimate for 2023 sales is pegged at $9.92 billion, which lies above the higher end of the company’s guided range.
First Solar, Inc. (FSLR - Free Report) reported a fourth-quarter 2022 loss of 7 cents per share, narrower than the Zacks Consensus Estimate of a loss of 18 cents. However, the bottom line declined significantly from the prior-year quarter’s earnings of $1.23 per share.
First Solar’s fourth-quarter net sales were $1,002.4 million, which surpassed the Zacks Consensus Estimate of $997 million by 0.5%. Also, the top line improved by 10.5% from the year-ago quarter’s $628.9 million, primarily due to increased module sales and the sale of the Luz del Norte project in Chile.
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.51 per share, which improved by a solid 106.8% from the 73 cents reported in the prior-year quarter. The bottom line also surpassed the Zacks Consensus Estimate of $1.27 by 18.9%.
Enphase Energy’s fourth-quarter revenues of $724.7 million beat the Zacks Consensus Estimate of $704 million by 2.9%. The top line soared 75.6% from the year-ago quarter’s $412.7 million, driven by the strong demand for its Enphase Energy Systems.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported fourth-quarter adjusted earnings of $2.86 per share, which surpassed the Zacks Consensus Estimate of $1.60 by 78.8%. The bottom line increased 160% from the prior-year quarter’s $1.10 per share.
SolarEdge’s fourth-quarter revenues of $890.7 million surpassed the Zacks Consensus Estimate of $875 million by 1.8%. The top line surged 61.4% from the year-ago quarter’s $551.9 million.
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Canadian Solar (CSIQ) Q4 Earnings Beat, Revenues Rise Y/Y
Canadian Solar Inc. (CSIQ - Free Report) reported fourth-quarter 2022 earnings of $1.11 per share, beating the Zacks Consensus Estimate of 48 cents by 131.3%. The bottom line also surged a whopping 184.6% from the fourth-quarter 2021 reported figure.
For 2022, the company reported earnings of $3.44 per share compared with earnings of $1.46 in 2021. Earnings beat the Zacks Consensus Estimate of $2.74 by 25.5%.
Total Revenues
This solar cell manufacturer’s total revenues of $1,976.1 million came in line with the Zacks Consensus Estimate. However, the top line improved a solid 47.1% from the $1,343.3 million reported in the fourth quarter of 2021, primarily due to an increase in module shipments.
For 2022, the company reported total revenues of $6.98 billion compared with the year-ago total revenues of $4.37 billion. However, total revenues missed the Zacks Consensus Estimate of $7.47 billion by 6.6%.
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 6.4 gigawatts (GW), higher than the guidance range of 6-6.3 GW. This includes 216 megawatts (MW) for the company's utility-scale solar power projects. Total module shipments increased 68% on a year-over-year basis.
Canadian Solar’s gross margin was 17.4% in the quarter toward the higher end of the guided range of 16-18%. Total operating expenses were $192.1 million, down 6.3% year over year.
Depreciation and amortization charges were $50 million, down from the $84 million recorded in the year-ago period.
Financial Update
As of Dec 31, 2022, Canadian Solar’s cash and cash equivalents totaled $981.4 million, up from $869.8 million on Dec 31, 2021.
Long-term borrowings as of Dec 31, 2022 were $813.4 million, up from $523.6 million on Dec 31, 2021.
Guidance
For the first quarter of 2023, Canadian Solar expects total module shipments in the range of 5.9-6.2 GW, including approximately 133 MW of module shipments for its projects. Total revenues are expected in the range of $1.6-$1.8 billion. The gross margin is expected between 18% and 20%.
For 2023, total module shipments are expected between 30 and 35 GW. Battery storage shipments are expected in the range of 1.8 gigawatt-hour (GWh)-2.0 GWh.
Total revenues are likely to be in the range of 8.5-9.5 billion. The Zacks Consensus Estimate for 2023 sales is pegged at $9.92 billion, which lies above the higher end of the company’s guided range.
Zacks Rank
Canadian Solar currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
First Solar, Inc. (FSLR - Free Report) reported a fourth-quarter 2022 loss of 7 cents per share, narrower than the Zacks Consensus Estimate of a loss of 18 cents. However, the bottom line declined significantly from the prior-year quarter’s earnings of $1.23 per share.
First Solar’s fourth-quarter net sales were $1,002.4 million, which surpassed the Zacks Consensus Estimate of $997 million by 0.5%. Also, the top line improved by 10.5% from the year-ago quarter’s $628.9 million, primarily due to increased module sales and the sale of the Luz del Norte project in Chile.
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.51 per share, which improved by a solid 106.8% from the 73 cents reported in the prior-year quarter. The bottom line also surpassed the Zacks Consensus Estimate of $1.27 by 18.9%.
Enphase Energy’s fourth-quarter revenues of $724.7 million beat the Zacks Consensus Estimate of $704 million by 2.9%. The top line soared 75.6% from the year-ago quarter’s $412.7 million, driven by the strong demand for its Enphase Energy Systems.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported fourth-quarter adjusted earnings of $2.86 per share, which surpassed the Zacks Consensus Estimate of $1.60 by 78.8%. The bottom line increased 160% from the prior-year quarter’s $1.10 per share.
SolarEdge’s fourth-quarter revenues of $890.7 million surpassed the Zacks Consensus Estimate of $875 million by 1.8%. The top line surged 61.4% from the year-ago quarter’s $551.9 million.