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Canadian Solar (CSIQ) Q2 Earnings Beat, Revenues Rise Y/Y
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Canadian Solar Inc. (CSIQ - Free Report) reported second-quarter 2023 earnings of $2.39 per share, beating the Zacks Consensus Estimate of $1.52 by 57.2%. The bottom line also surged a whopping 123.4% from the second-quarter 2022 reported figure.
Total Revenues
This solar cell manufacturer’s total revenues of $2,364 million lagged the Zacks Consensus Estimate of $2,502 million by 5.5%. However, the top line improved a solid 39% from the $2,314.2 million reported in the second quarter of 2022, primarily due to an increase in the module shipment volume and higher project sales.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Solar module shipments in the quarter totaled 8.2 gigawatts (GW), within the guidance range of 8.1-8.4 GW. This includes 41 megawatts (MW) of 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 18.6% in the quarter, within the guided range of 18-20%. Total operating expenses were $216 million, up 25.6% year over year.
Depreciation and amortization charges were $73 million, up from the $68 million recorded in the year-ago period.
Financial Update
As of Jun 30, 2023, Canadian Solar’s cash and cash equivalents totaled $2,011.4 million, up from $981.4 million on Dec 31, 2022.
Long-term borrowings as of Jun 30, 2023 were $1,014.2 million, up from $813.4 million on Dec 31, 2022.
Guidance
For the third quarter of 2023, Canadian Solar expects total module shipments in the range of 8.5-8.7 GW, including approximately 60 MW of module shipments for its projects. Total revenues are expected in the range of $1.9-$2.1 billion. The gross margin is expected between 17.5% and 19.5%.
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 billion. The Zacks Consensus Estimate for 2023 sales is pegged at $9.29 billion, higher than the midpoint of the company’s guided range.
JinkoSolar Holding Co. Ltd. (JKS - Free Report) reported second-quarter 2023 earnings per American Depositary Share (“ADS”) of $3.36, beating the Zacks Consensus Estimate of $2.08 per share by 61.5%. The company reported earnings per ADS of $1.10 in the year-ago quarter.
In the quarter under review, JinkoSolar’s total revenues of $4,231.7 million surpassed the Zacks Consensus Estimate of $4,182 million by 1.2%. The top line advanced 62.9% on a year-over-year basis due to an increase in solar module shipments.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2023 earnings of $1.59 per share, which improved 205.8% from the prior-year quarter’s earnings of 52 cents per share. The Zacks Consensus Estimate for second-quarter earnings was pegged at 95 cents.
First Solar’s second-quarter net sales were $810.7 million, which beat the Zacks Consensus Estimate of $720 million by 12.6%. The top line improved by 30.6% from the year-ago quarter’s $620.9 million.
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2023 adjusted earnings of $1.47 per share, which highlights a 37.4% improvement from $1.07 per share reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.27 by 15.8%.
Enphase Energy’s second-quarter revenues of $711.1 million missed the Zacks Consensus Estimate of $727 million by 2.2%. However, the top line soared 34.1% from the prior-year quarter’s reported figure of $530.2 million.
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Canadian Solar (CSIQ) Q2 Earnings Beat, Revenues Rise Y/Y
Canadian Solar Inc. (CSIQ - Free Report) reported second-quarter 2023 earnings of $2.39 per share, beating the Zacks Consensus Estimate of $1.52 by 57.2%. The bottom line also surged a whopping 123.4% from the second-quarter 2022 reported figure.
Total Revenues
This solar cell manufacturer’s total revenues of $2,364 million lagged the Zacks Consensus Estimate of $2,502 million by 5.5%. However, the top line improved a solid 39% from the $2,314.2 million reported in the second quarter of 2022, primarily due to an increase in the module shipment volume and higher project sales.
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 8.2 gigawatts (GW), within the guidance range of 8.1-8.4 GW. This includes 41 megawatts (MW) of 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 18.6% in the quarter, within the guided range of 18-20%. Total operating expenses were $216 million, up 25.6% year over year.
Depreciation and amortization charges were $73 million, up from the $68 million recorded in the year-ago period.
Financial Update
As of Jun 30, 2023, Canadian Solar’s cash and cash equivalents totaled $2,011.4 million, up from $981.4 million on Dec 31, 2022.
Long-term borrowings as of Jun 30, 2023 were $1,014.2 million, up from $813.4 million on Dec 31, 2022.
Guidance
For the third quarter of 2023, Canadian Solar expects total module shipments in the range of 8.5-8.7 GW, including approximately 60 MW of module shipments for its projects. Total revenues are expected in the range of $1.9-$2.1 billion. The gross margin is expected between 17.5% and 19.5%.
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 billion. The Zacks Consensus Estimate for 2023 sales is pegged at $9.29 billion, higher 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 second-quarter 2023 earnings per American Depositary Share (“ADS”) of $3.36, beating the Zacks Consensus Estimate of $2.08 per share by 61.5%. The company reported earnings per ADS of $1.10 in the year-ago quarter.
In the quarter under review, JinkoSolar’s total revenues of $4,231.7 million surpassed the Zacks Consensus Estimate of $4,182 million by 1.2%. The top line advanced 62.9% on a year-over-year basis due to an increase in solar module shipments.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2023 earnings of $1.59 per share, which improved 205.8% from the prior-year quarter’s earnings of 52 cents per share. The Zacks Consensus Estimate for second-quarter earnings was pegged at 95 cents.
First Solar’s second-quarter net sales were $810.7 million, which beat the Zacks Consensus Estimate of $720 million by 12.6%. The top line improved by 30.6% from the year-ago quarter’s $620.9 million.
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2023 adjusted earnings of $1.47 per share, which highlights a 37.4% improvement from $1.07 per share reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.27 by 15.8%.
Enphase Energy’s second-quarter revenues of $711.1 million missed the Zacks Consensus Estimate of $727 million by 2.2%. However, the top line soared 34.1% from the prior-year quarter’s reported figure of $530.2 million.