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Canadian Solar (CSIQ) Q3 Earnings Top Estimates, Revenues Lag
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Canadian Solar Inc. (CSIQ - Free Report) reported third-quarter 2018 earnings of $1.09 per share, which outpaced the Zacks Consensus Estimate of 46 cents by a massive 137%. The company reported earnings of 22 cents per share in the year-ago quarter.
Total Revenues
In the reported quarter, total revenues of this solar cell manufacturer came in at $768 million, which missed the Zacks Consensus Estimate of $806.1 million by 4.7%. Further, the top line declined 15.8% from $912.2 million reported in third-quarter 2017.
Operational Update
Solar module shipments in the quarter totaled 1,590 megawatts (MW), down 6.5% from the second quarter’s shipment of 1,700 MW. The figure came within management’s guided range of 1.50-1.60 gigawatt (GW).
Gross profit was $200.4 million, up 25.4% from the year-ago level of $159.8 million. Gross margin was 25% in the quarter (excluding the CVD reversal benefits). Including the benefits, gross margin was 26.1% compared with 17.5% in the third quarter of 2017.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Total operating expenses amounted to $104.5 million, up 2.4% year over year. Selling expenses totaled $38.4 million, down 10.3% year over year. General and administrative expenses were $59 million, up 10.4% year over year. Research and development expenses summed $10.1 million compared with $7.3 million a year ago.
Interest expenses were $26.8 million, down from $33.7 million recorded a year ago.
Financial Update
As of Sep 30, 2018, cash and cash equivalents grossed $519.6 million, down from $561.7 million as of Dec 31, 2017.
Long-term debt as of Sep 30, 2018 was $120.2 million, significantly down from $404.3 million as of Dec 31, 2017.
Business Developments
During the reported quarter, Canadian Solar’s won a contract to supply 164 MW of photovoltaic modules to the 350 MWp Escatrón Solar power project owned by COBRA Group — a subsidiary of ACS Group in Spain. It also secured a Victorian government support agreement for its greenfield 100MWac Carwarp Solar Project in Australia.
Moreover, Canadian Solar entered into a joint venture with ET Energy — a global clean energy developer and operator — to jointly provide EPC services for two solar power projects totaling 132 MWp in South Africa for BioTherm Energy.
Guidance
For fourth-quarter 2018, Canadian Solar expects shipments in the range of 1.67-1.72 GW, including approximately 170 MW of shipments to the company's utility-scale solar power projects. Total revenues are projected in the band of $690-$800 million along with gross margin of 24-26%.
Sunrun Inc. (RUN - Free Report) incurred third-quarter 2018 loss of 2 cents per share, comparing unfavorably with the Zacks Consensus Estimate of earnings of 34 cents.
First Solar Inc. (FSLR - Free Report) reported third-quarter 2018 earnings of 54 cents per share, beating the Zacks Consensus Estimate of 45 cents by 20%.
SunPower Corp. (SPWR - Free Report) incurred third-quarter 2018 adjusted loss of 29 cents per share, narrower than the Zacks Consensus Estimate of a loss of 45 cents.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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Canadian Solar (CSIQ) Q3 Earnings Top Estimates, Revenues Lag
Canadian Solar Inc. (CSIQ - Free Report) reported third-quarter 2018 earnings of $1.09 per share, which outpaced the Zacks Consensus Estimate of 46 cents by a massive 137%. The company reported earnings of 22 cents per share in the year-ago quarter.
Total Revenues
In the reported quarter, total revenues of this solar cell manufacturer came in at $768 million, which missed the Zacks Consensus Estimate of $806.1 million by 4.7%. Further, the top line declined 15.8% from $912.2 million reported in third-quarter 2017.
Operational Update
Solar module shipments in the quarter totaled 1,590 megawatts (MW), down 6.5% from the second quarter’s shipment of 1,700 MW. The figure came within management’s guided range of 1.50-1.60 gigawatt (GW).
Gross profit was $200.4 million, up 25.4% from the year-ago level of $159.8 million. Gross margin was 25% in the quarter (excluding the CVD reversal benefits). Including the benefits, gross margin was 26.1% compared with 17.5% in the third quarter of 2017.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Canadian Solar Inc. Price, Consensus and EPS Surprise | Canadian Solar Inc. Quote
Total operating expenses amounted to $104.5 million, up 2.4% year over year. Selling expenses totaled $38.4 million, down 10.3% year over year. General and administrative expenses were $59 million, up 10.4% year over year. Research and development expenses summed $10.1 million compared with $7.3 million a year ago.
Interest expenses were $26.8 million, down from $33.7 million recorded a year ago.
Financial Update
As of Sep 30, 2018, cash and cash equivalents grossed $519.6 million, down from $561.7 million as of Dec 31, 2017.
Long-term debt as of Sep 30, 2018 was $120.2 million, significantly down from $404.3 million as of Dec 31, 2017.
Business Developments
During the reported quarter, Canadian Solar’s won a contract to supply 164 MW of photovoltaic modules to the 350 MWp Escatrón Solar power project owned by COBRA Group — a subsidiary of ACS Group in Spain. It also secured a Victorian government support agreement for its greenfield 100MWac Carwarp Solar Project in Australia.
Moreover, Canadian Solar entered into a joint venture with ET Energy — a global clean energy developer and operator — to jointly provide EPC services for two solar power projects totaling 132 MWp in South Africa for BioTherm Energy.
Guidance
For fourth-quarter 2018, Canadian Solar expects shipments in the range of 1.67-1.72 GW, including approximately 170 MW of shipments to the company's utility-scale solar power projects. Total revenues are projected in the band of $690-$800 million along with gross margin of 24-26%.
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
Sunrun Inc. (RUN - Free Report) incurred third-quarter 2018 loss of 2 cents per share, comparing unfavorably with the Zacks Consensus Estimate of earnings of 34 cents.
First Solar Inc. (FSLR - Free Report) reported third-quarter 2018 earnings of 54 cents per share, beating the Zacks Consensus Estimate of 45 cents by 20%.
SunPower Corp. (SPWR - Free Report) incurred third-quarter 2018 adjusted loss of 29 cents per share, narrower than the Zacks Consensus Estimate of a loss of 45 cents.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>