Canadian Solar Inc. (CSIQ - Free Report) reported adjusted first-quarter 2019 loss of 29 cents per share, narrower than the Zacks Consensus Estimates of a loss of 44 cents. However, the company’s adjusted first-quarter 2018 earnings were 72 cents per share.
In the reported quarter, total revenues of this solar cell manufacturer came in at $484.7 million, beating the Zacks Consensus Estimate of $471 million by 2.9%. However, the top line declined 66% from $1,425 million reported in first-quarter 2018.
Solar module shipments in the quarter totaled 1,575 megawatts (MW), down 19.3% from fourth-quarter’s shipment of 1,951 MW. However, the figure exceeded management’s first-quarter 2019 guidance of 1.30-1.40 gigawatt (GW).
Gross profit was $107.4 million, down 25.4% from the year-ago quarter’s level of $143.9 million. Gross margin was 22.2% in the quarter (excluding the CVD reversal benefits). Including the benefits, gross margin was 30.1% compared with 10.1% in the first quarter of 2018, he year-over-year increase was driven by a lower blended module manufacturing cost compared to its previous forecast.
Total operating expenses amounted to $100.8 million, up 53.4% year over year. Selling expenses totaled $37.9 million, down 10.4% year over year. General and administrative expenses were $51.4 million, up 5.3% year over year. Research and development expenses were $13.2 million compared with $9.5 million in the year-ago period.
Interest expenses were $21.7 million, down from $29.6 million recorded in the year-ago period.
Canadian Solar Inc. Price, Consensus and EPS Surprise