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) Q3 Earnings In Line, Revenues Beat
Read MoreHide Full Article
Solar cell manufacturer, Canadian Solar Inc. (CSIQ - Free Report) reported third-quarter 2017 adjusted earnings of 22 cents per share, in line with the Zacks Consensus Estimate. The figure was lower than earnings of 27 cents per share recorded a year ago.
Total Revenue
Canadian Solar posted total revenues of $912.2 million in the quarter, which surpassed the Zacks Consensus Estimate of $819 million by 11.4%. The top line was also up 38.8% from $657.3 million reported in the third quarter of 2016.
Operational Update
Solar module shipments in the quarter totaled 1,870 megawatts (MW), up 7.2%, from the year-ago level of 1,745 MW. The figure also exceeded management’s guidance range of 1,650 MW to 1,700 MW.
Gross profit was $159.8 million, up 36.2%, from the year-ago level of $117.3 million. Gross margin was 17.5% in the quarter compared with 17.8% in the prior-year quarter.
Total operating expenses were $102 million, up 13% year over year. Selling expenses totaled $42.8 million, up 26.1%. General and administrative expenses were $53.3 million, slightly up from $52.5 million. Research and development expenses were $7.3 million compared with $4.6 million a year ago.
Interest expenses were $33.7 million, up from $18.8 million recorded in a year ago.
Canadian Solar Inc. Price, Consensus and EPS Surprise
As of Sep 30, 2017, cash and cash equivalents were $614.6 million, up from $511 million as of Dec 31, 2016.
Long-term debt as of Sep 30, 2017, was $318.2 million, down from $493.5 million as of Dec 31, 2016.
Guidance
For fourth-quarter 2017, Canadian Solar expects shipments in the band of 1.65-1.75 gigawatts (GW). Total revenues are projected in the range of $1.77-$1.81 billion along with gross margin in the 10.5-12.5% band.
Canadian Solar’s total module shipments in 2017 are now anticipated to be in the range of 6.7 GW to 6.8 GW, up from 6.0 GW to 6.5 GW, projected earlier. Total revenues are expected to be in the range of $4.05-$4.09 billion
SunPower Corp. reported third-quarter 2017 earnings of 21 cents per share. The Zacks Consensus Estimate was pegged at a loss of 36 cents. In the year-ago period, the company had reported earnings of 88 cents per share.
First Solar Inc. (FSLR - Free Report) reported third-quarter 2017 adjusted earnings of $1.95 per share, beating the Zacks Consensus Estimate of 85 cents by a whopping 129.4%. The reported number also improved 60% from the prior-year figure of $1.22.
8point3 Energy Partners LP reported earnings of 27 cents per share in third-quarter fiscal 2017 (ended Aug 31), which missed the Zacks Consensus Estimate of 65 cents by 58.5%. The bottom line also declined 40.7% from 38 cents in the year-ago period.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
Image: Bigstock
Canadian Solar (CSIQ) Q3 Earnings In Line, Revenues Beat
Solar cell manufacturer, Canadian Solar Inc. (CSIQ - Free Report) reported third-quarter 2017 adjusted earnings of 22 cents per share, in line with the Zacks Consensus Estimate. The figure was lower than earnings of 27 cents per share recorded a year ago.
Total Revenue
Canadian Solar posted total revenues of $912.2 million in the quarter, which surpassed the Zacks Consensus Estimate of $819 million by 11.4%. The top line was also up 38.8% from $657.3 million reported in the third quarter of 2016.
Operational Update
Solar module shipments in the quarter totaled 1,870 megawatts (MW), up 7.2%, from the year-ago level of 1,745 MW. The figure also exceeded management’s guidance range of 1,650 MW to 1,700 MW.
Gross profit was $159.8 million, up 36.2%, from the year-ago level of $117.3 million. Gross margin was 17.5% in the quarter compared with 17.8% in the prior-year quarter.
Total operating expenses were $102 million, up 13% year over year. Selling expenses totaled $42.8 million, up 26.1%. General and administrative expenses were $53.3 million, slightly up from $52.5 million. Research and development expenses were $7.3 million compared with $4.6 million a year ago.
Interest expenses were $33.7 million, up from $18.8 million recorded in a year ago.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Canadian Solar Inc. Price, Consensus and EPS Surprise | Canadian Solar Inc. Quote
Financial Update
As of Sep 30, 2017, cash and cash equivalents were $614.6 million, up from $511 million as of Dec 31, 2016.
Long-term debt as of Sep 30, 2017, was $318.2 million, down from $493.5 million as of Dec 31, 2016.
Guidance
For fourth-quarter 2017, Canadian Solar expects shipments in the band of 1.65-1.75 gigawatts (GW). Total revenues are projected in the range of $1.77-$1.81 billion along with gross margin in the 10.5-12.5% band.
Canadian Solar’s total module shipments in 2017 are now anticipated to be in the range of 6.7 GW to 6.8 GW, up from 6.0 GW to 6.5 GW, projected earlier. Total revenues are expected to be in the range of $4.05-$4.09 billion
Zacks Rank
Canadian Solar carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
SunPower Corp. reported third-quarter 2017 earnings of 21 cents per share. The Zacks Consensus Estimate was pegged at a loss of 36 cents. In the year-ago period, the company had reported earnings of 88 cents per share.
First Solar Inc. (FSLR - Free Report) reported third-quarter 2017 adjusted earnings of $1.95 per share, beating the Zacks Consensus Estimate of 85 cents by a whopping 129.4%. The reported number also improved 60% from the prior-year figure of $1.22.
8point3 Energy Partners LP reported earnings of 27 cents per share in third-quarter fiscal 2017 (ended Aug 31), which missed the Zacks Consensus Estimate of 65 cents by 58.5%. The bottom line also declined 40.7% from 38 cents in the year-ago period.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>