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Canadian Solar (CSIQ) Q3 Earnings Miss, Revenues Fall Y/Y
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Canadian Solar Inc. (CSIQ - Free Report) reported third-quarter 2023 earnings of 32 cents per share, lagging the Zacks Consensus Estimate of 91 cents by 64.8%. The bottom line also declined 71.4% from the third-quarter 2022 reported figure.
Total Revenues
This solar cell manufacturer’s total revenues of $1,846.3 million lagged the Zacks Consensus Estimate of $1,994 million by 7.4%. The top line also decreased 4% from the $1,932.5 million reported in the third quarter of 2022.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Solar module shipments in the quarter totaled 8.3 gigawatts (GW), below the guidance range of 8.5-8.7 GW. This includes 82 megawatts (MW) of the company's utility-scale solar power projects. Total module shipments increased 39% on a year-over-year basis.
Canadian Solar’s gross margin was 16.7% in the quarter, below the guided range of 17.5-19.5%. Total operating expenses were $225 million, down 17.9% year over year.
Depreciation and amortization charges were $76 million, up from the $56 million recorded in the year-ago period.
Financial Update
As of Sep 30, 2023, Canadian Solar’s cash and cash equivalents totaled $1,921.1 million, up from $981.4 million on Dec 31, 2022.
Long-term borrowings as of Sep 30, 2023 were $1,071.8 million, up from $813.4 million on Dec 31, 2022.
Guidance
For the fourth quarter of 2023, Canadian Solar expects total module shipments in the range of 7.6-8.1 GW, including approximately 95 MW of module shipments for its projects. Total revenues are expected in the range of $1.6-$1.8 billion. The Zacks Consensus Estimate for fourth-quarter sales is pegged at $2.58 billion, higher than the midpoint of the company’s guided range. The gross margin is expected between 14% and 16%.
Total battery energy storage shipments by CSI Solar in the fourth quarter are expected between 1.4 gigawatt-hours (GWh) and 1.5 GWh.
For 2023, total module shipments are expected between 42 and 47 GW. Battery storage shipments are expected in the range of 6 GWh-6.5 GWh.
Zacks Rank
Canadian Solar currently carries a Zacks Rank #4 (Sell).
First Solar, Inc. (FSLR - Free Report) reported third-quarter 2023 earnings of $2.50 per share compared to the prior-year quarter’s loss of 46 cents per share. Earnings beat the Zacks Consensus Estimate of $2.09 per share by 19.6%.
First Solar’s third-quarter net sales were $801.1 million, which lagged the Zacks Consensus Estimate of $901 million by 11.1%. However, the top line improved by 27.4% from the year-ago quarter’s $628.9 million.
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2023 adjusted earnings of $1.02 per share, which highlights an 18.4% decline from $1.25 per share reported in the prior-year quarter. The bottom line came in line with the Zacks Consensus Estimate.
Enphase Energy’s third-quarter revenues of $551.1 million missed the Zacks Consensus Estimate of $562 million by 1.9%. The top line also declined 13.2% from the prior-year quarter’s reported figure of $634.7 million.
JinkoSolar Holding Co. Ltd. (JKS - Free Report) reported third-quarter 2023 earnings per American Depositary Share (“ADS”) of $2.59, beating the Zacks Consensus Estimate of $1.96 by 32.1%. The company reported earnings per ADS of 59 cents in the year-ago quarter.
In the quarter under review, JinkoSolar’s total revenues of $4,363.2 million surpassed the Zacks Consensus Estimate of $4,224 million by 3.3%. The top line surged 63.1% on a year-over-year basis, driven by an increase in solar module shipments.
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Canadian Solar (CSIQ) Q3 Earnings Miss, Revenues Fall Y/Y
Canadian Solar Inc. (CSIQ - Free Report) reported third-quarter 2023 earnings of 32 cents per share, lagging the Zacks Consensus Estimate of 91 cents by 64.8%. The bottom line also declined 71.4% from the third-quarter 2022 reported figure.
Total Revenues
This solar cell manufacturer’s total revenues of $1,846.3 million lagged the Zacks Consensus Estimate of $1,994 million by 7.4%. The top line also decreased 4% from the $1,932.5 million reported in the third quarter of 2022.
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 8.3 gigawatts (GW), below the guidance range of 8.5-8.7 GW. This includes 82 megawatts (MW) of the company's utility-scale solar power projects. Total module shipments increased 39% on a year-over-year basis.
Canadian Solar’s gross margin was 16.7% in the quarter, below the guided range of 17.5-19.5%. Total operating expenses were $225 million, down 17.9% year over year.
Depreciation and amortization charges were $76 million, up from the $56 million recorded in the year-ago period.
Financial Update
As of Sep 30, 2023, Canadian Solar’s cash and cash equivalents totaled $1,921.1 million, up from $981.4 million on Dec 31, 2022.
Long-term borrowings as of Sep 30, 2023 were $1,071.8 million, up from $813.4 million on Dec 31, 2022.
Guidance
For the fourth quarter of 2023, Canadian Solar expects total module shipments in the range of 7.6-8.1 GW, including approximately 95 MW of module shipments for its projects. Total revenues are expected in the range of $1.6-$1.8 billion. The Zacks Consensus Estimate for fourth-quarter sales is pegged at $2.58 billion, higher than the midpoint of the company’s guided range. The gross margin is expected between 14% and 16%.
Total battery energy storage shipments by CSI Solar in the fourth quarter are expected between 1.4 gigawatt-hours (GWh) and 1.5 GWh.
For 2023, total module shipments are expected between 42 and 47 GW. Battery storage shipments are expected in the range of 6 GWh-6.5 GWh.
Zacks Rank
Canadian Solar currently carries a Zacks Rank #4 (Sell).
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 third-quarter 2023 earnings of $2.50 per share compared to the prior-year quarter’s loss of 46 cents per share. Earnings beat the Zacks Consensus Estimate of $2.09 per share by 19.6%.
First Solar’s third-quarter net sales were $801.1 million, which lagged the Zacks Consensus Estimate of $901 million by 11.1%. However, the top line improved by 27.4% from the year-ago quarter’s $628.9 million.
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2023 adjusted earnings of $1.02 per share, which highlights an 18.4% decline from $1.25 per share reported in the prior-year quarter. The bottom line came in line with the Zacks Consensus Estimate.
Enphase Energy’s third-quarter revenues of $551.1 million missed the Zacks Consensus Estimate of $562 million by 1.9%. The top line also declined 13.2% from the prior-year quarter’s reported figure of $634.7 million.
JinkoSolar Holding Co. Ltd. (JKS - Free Report) reported third-quarter 2023 earnings per American Depositary Share (“ADS”) of $2.59, beating the Zacks Consensus Estimate of $1.96 by 32.1%. The company reported earnings per ADS of 59 cents in the year-ago quarter.
In the quarter under review, JinkoSolar’s total revenues of $4,363.2 million surpassed the Zacks Consensus Estimate of $4,224 million by 3.3%. The top line surged 63.1% on a year-over-year basis, driven by an increase in solar module shipments.