We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Canadian Solar (CSIQ) Q1 Earnings Beat, Revenues Rise Y/Y
Read MoreHide Full Article
Canadian Solar Inc. (CSIQ - Free Report) reported first-quarter 2023 earnings of $1.19 per share, beating the Zacks Consensus Estimate of 48 cents by 147.9%. The bottom line also surged a whopping 750% from the first-quarter 2022 reported figure.
Total Revenues
This solar cell manufacturer’s total revenues of $1,701.3 million came in line with the Zacks Consensus Estimate. However, the top line improved a solid 36% from the $1,250.3 million reported in the first quarter of 2022, primarily due to an increase in module shipments.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Solar module shipments in the quarter totaled 6.1 gigawatts (GW), within the guidance range of 6-6.3 GW. This includes 90 megawatts (MW) for the company's utility-scale solar power projects. Total module shipments increased 66% on a year-over-year basis.
Canadian Solar’s gross margin was 18.7% in the quarter, within the guided range of 18-20%. Total operating expenses were $172 million, up 4.2% year over year.
Depreciation and amortization charges were $68 million, up from the $66 million recorded in the year-ago period.
Financial Update
As of Mar 31, 2023, Canadian Solar’s cash and cash equivalents totaled $848 million, down from $981.4 million on Dec 31, 2022.
Long-term borrowings as of Mar 31, 2023 were $862.8 million, up from $813.4 million on Dec 31, 2022.
Guidance
For the second quarter of 2023, Canadian Solar expects total module shipments in the range of 8.1-8.4 GW, including approximately 60 MW of module shipments for its projects. Total revenues are expected in the range of $2.4-$2.6 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 $9.0-$9.5 billion. The Zacks Consensus Estimate for 2023 sales is pegged at $9.15 billion, lower than the midpoint of the company’s guided range.
JinkoSolar Holding Co. Ltd. (JKS - Free Report) reported first-quarter 2023 earnings per American Depositary Share (“ADS”) of $2.18. The Zacks Consensus Estimate for first-quarter 2023 earnings was pegged at 37 cents. The company reported earnings per ADS of 10 cents in the year-ago quarter, reflecting a significant improvement from the prior-year figure.
In the quarter under review, JinkoSolar’s total revenues of $3,396.9 million surpassed the Zacks Consensus Estimate of $3,302 million by 2.9%. The top line advanced 45.8% on a year-over-year basis due to an increase in solar module shipments.
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2023 earnings of 40 cents per share, missing the Zacks Consensus Estimate of earnings of 99 cents by 59.6%. However, the bottom line improved significantly from the prior-year quarter’s loss of 41 cents per share.
First Solar’s first-quarter net sales were $548 million, which missed the Zacks Consensus Estimate of $724 million by 23.7%. However, the top line improved by 49.4% from the year-ago quarter’s $367 million.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2023 adjusted earnings of $1.37 per share, highlighting a solid 73.4% improvement from the 79 cents reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.21 by 13.2%.
Enphase Energy’s first-quarter revenues of $726 million beat the Zacks Consensus Estimate of $723 million by 0.4%. The top line soared 64.5% from the prior-year quarter’s reported figure of $441.3 million.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Canadian Solar (CSIQ) Q1 Earnings Beat, Revenues Rise Y/Y
Canadian Solar Inc. (CSIQ - Free Report) reported first-quarter 2023 earnings of $1.19 per share, beating the Zacks Consensus Estimate of 48 cents by 147.9%. The bottom line also surged a whopping 750% from the first-quarter 2022 reported figure.
Total Revenues
This solar cell manufacturer’s total revenues of $1,701.3 million came in line with the Zacks Consensus Estimate. However, the top line improved a solid 36% from the $1,250.3 million reported in the first quarter of 2022, primarily due to an increase in module shipments.
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 6.1 gigawatts (GW), within the guidance range of 6-6.3 GW. This includes 90 megawatts (MW) for the company's utility-scale solar power projects. Total module shipments increased 66% on a year-over-year basis.
Canadian Solar’s gross margin was 18.7% in the quarter, within the guided range of 18-20%. Total operating expenses were $172 million, up 4.2% year over year.
Depreciation and amortization charges were $68 million, up from the $66 million recorded in the year-ago period.
Financial Update
As of Mar 31, 2023, Canadian Solar’s cash and cash equivalents totaled $848 million, down from $981.4 million on Dec 31, 2022.
Long-term borrowings as of Mar 31, 2023 were $862.8 million, up from $813.4 million on Dec 31, 2022.
Guidance
For the second quarter of 2023, Canadian Solar expects total module shipments in the range of 8.1-8.4 GW, including approximately 60 MW of module shipments for its projects. Total revenues are expected in the range of $2.4-$2.6 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 $9.0-$9.5 billion. The Zacks Consensus Estimate for 2023 sales is pegged at $9.15 billion, lower than the midpoint of the company’s guided range.
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
JinkoSolar Holding Co. Ltd. (JKS - Free Report) reported first-quarter 2023 earnings per American Depositary Share (“ADS”) of $2.18. The Zacks Consensus Estimate for first-quarter 2023 earnings was pegged at 37 cents. The company reported earnings per ADS of 10 cents in the year-ago quarter, reflecting a significant improvement from the prior-year figure.
In the quarter under review, JinkoSolar’s total revenues of $3,396.9 million surpassed the Zacks Consensus Estimate of $3,302 million by 2.9%. The top line advanced 45.8% on a year-over-year basis due to an increase in solar module shipments.
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2023 earnings of 40 cents per share, missing the Zacks Consensus Estimate of earnings of 99 cents by 59.6%. However, the bottom line improved significantly from the prior-year quarter’s loss of 41 cents per share.
First Solar’s first-quarter net sales were $548 million, which missed the Zacks Consensus Estimate of $724 million by 23.7%. However, the top line improved by 49.4% from the year-ago quarter’s $367 million.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2023 adjusted earnings of $1.37 per share, highlighting a solid 73.4% improvement from the 79 cents reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.21 by 13.2%.
Enphase Energy’s first-quarter revenues of $726 million beat the Zacks Consensus Estimate of $723 million by 0.4%. The top line soared 64.5% from the prior-year quarter’s reported figure of $441.3 million.