Canadian Solar Inc. (CSIQ - Free Report) reported second-quarter 2018 earnings of 26 cents per share, missing the Zacks Consensus Estimate of 33 cents by 21.2%. The company reported earnings of 63 cents per share in the year-ago quarter.
Solar cell manufacturer Canadian Solar posted total revenues of $650.6 million in the quarter, which also missed the Zacks Consensus Estimate of $715 million by 9%. Further, the top line was down 6% from $692.3 million reported in second-quarter 2017.
Solar module shipments in the quarter totaled 1,700 megawatts (MW), up 23.7% from the first quarter’s shipment of 1,374 MW. The figure however exceeded management’s guided range of 1.50-1.60 gigawatt (GW).
Gross profit was $159.4 million, down 5% from the year-ago level of $167.8 million. Gross margin was 24.5% in the quarter (excluding the AD/CVD reversal benefits) compared with 24.2% in the prior-year quarter.
Total operating expenses were $105.5 million, up 25.5% year over year. Selling expenses totaled $40.3 million, up 2.4% year over year. General and administrative expenses were $56.4 million, up 6.6% year over year. Research and development expenses were $9.1 million compared with $7.3 million a year ago.
Interest expenses were $26.6 million, marginally down from $26.7 million recorded a year ago.
As of Jun 30, 2018, cash and cash equivalents were $452.5 million, down from $561.7 million as of Dec 31, 2017.
Long-term debt as of Jun 30, 2018 was $221.3 million, down from $404.3 million as of Dec 31, 2017.
Canadian Solar Inc. Price, Consensus and EPS Surprise