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) Q4 Earnings Beat Estimates, Fall Y/Y
Read MoreHide Full Article
Canadian Solar Inc. (CSIQ - Free Report) reported adjusted fourth-quarter 2019 earnings of $1.04 per share, which surpassed the Zacks Consensus Estimate of 55 cents by 89.1%. The figure however declined 35.4% from the year-ago level.
Including one-time items, GAAP earnings came in at $1.12 per share in the quarter under review compared with $1.81 in fourth-quarter 2018.
For 2019, the company reported adjusted earnings of $2.19 per share, which missed the Zacks Consensus Estimate of $2.27. The full-year bottom line also declined significantly from the year-ago figure of $3.28.
Canadian Solar Inc. Price, Consensus and EPS Surprise
This solar cell manufacturer’s total revenues of $919.7 million beat the Zacks Consensus Estimate of $869 million by 5.8%. The top line also rose 2.1% from $901 million reported in fourth-quarter 2018. The top line also exceeded the guidance of $850-$880 million.
The year-over-year improvement is attributable to solid module shipments.
For 2019, the company reported revenues of $3.20 billion, exceeding the Zacks Consensus Estimate of $3.15 billion by a whisker. The top line however declined 14.5% from $3.74 billion reported in 2018. Nevertheless, the full-year top line exceeded the company’s guidance of $3.13-$3.16 billion.
Operational Update
Solar module shipments in the quarter totaled 2,474 megawatts (MW), which exceeded the guided range of 2,300-2,400 MW.This included 295 MW for the company's utility-scale solar power projects
Gross margin was 23% in the quarter (excluding the benefits of U.S. anti-dumping and countervailing duty).
Total operating expenses were $118.1 million, down 12.4% year over year. The decrease in operating costs in the reported quarter was due to lower general and administrative expenses as well as research and development expenses.
Interest expenses were $19.7 million, down from $23 million recorded in the year-ago period.
Financial Update
As of Dec 31, 2019, cash and cash equivalents totaled $668.7 million, up from $444.3 million on Dec 31, 2018.
Long-term borrowings as of Dec 31,2019 were $619.5 million, up from $393.6 million on Dec 31, 2018.
Guidance
For first-quarter 2020, Canadian Solar expects shipments in the range of 2.15-2.25 GW. This guidance includes approximately 250 MW of shipments to its utility-scale solar power projects that may not be recognized as revenues in the first quarter. Total revenues are projected within $780-$810 million, while gross margin is expected in the band of 26-28%.
The Zacks Consensus Estimate for the company’s first-quarter revenues is pegged at $939 million, higher than the company guided range.
For 2020, Canadian Solar expects total module shipments in the range of 10-12 GW. Total revenues for the year are expected in the range of $3.4-$3.9 billion. The Zacks Consensus Estimate for the company’s first-quarter earnings is pegged at $3.99 billion, higher than the company guided range.
First Solar (FSLR - Free Report) reported fourth-quarter 2019 adjusted earnings of $2.02 per share, which missed the Zacks Consensus Estimate of $2.79 by 27.6%.
Enphase Energy (ENPH - Free Report) reported fourth-quarter 2019 adjusted earnings of 39 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 18.2%.
SolarEdge Technologies (SEDG - Free Report) reported fourth-quarter 2019 adjusted earnings of $1.65 per share, which surpassed the Zacks Consensus Estimate of $1.30 by 26.9%.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early. See Zacks' 3 Best Stocks to Play This Trend >>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Canadian Solar (CSIQ) Q4 Earnings Beat Estimates, Fall Y/Y
Canadian Solar Inc. (CSIQ - Free Report) reported adjusted fourth-quarter 2019 earnings of $1.04 per share, which surpassed the Zacks Consensus Estimate of 55 cents by 89.1%. The figure however declined 35.4% from the year-ago level.
Including one-time items, GAAP earnings came in at $1.12 per share in the quarter under review compared with $1.81 in fourth-quarter 2018.
For 2019, the company reported adjusted earnings of $2.19 per share, which missed the Zacks Consensus Estimate of $2.27. The full-year bottom line also declined significantly from the year-ago figure of $3.28.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Canadian Solar Inc. price-consensus-eps-surprise-chart | Canadian Solar Inc. Quote
Total Revenues
This solar cell manufacturer’s total revenues of $919.7 million beat the Zacks Consensus Estimate of $869 million by 5.8%. The top line also rose 2.1% from $901 million reported in fourth-quarter 2018. The top line also exceeded the guidance of $850-$880 million.
The year-over-year improvement is attributable to solid module shipments.
For 2019, the company reported revenues of $3.20 billion, exceeding the Zacks Consensus Estimate of $3.15 billion by a whisker. The top line however declined 14.5% from $3.74 billion reported in 2018. Nevertheless, the full-year top line exceeded the company’s guidance of $3.13-$3.16 billion.
Operational Update
Solar module shipments in the quarter totaled 2,474 megawatts (MW), which exceeded the guided range of 2,300-2,400 MW.This included 295 MW for the company's utility-scale solar power projects
Gross margin was 23% in the quarter (excluding the benefits of U.S. anti-dumping and countervailing duty).
Total operating expenses were $118.1 million, down 12.4% year over year. The decrease in operating costs in the reported quarter was due to lower general and administrative expenses as well as research and development expenses.
Interest expenses were $19.7 million, down from $23 million recorded in the year-ago period.
Financial Update
As of Dec 31, 2019, cash and cash equivalents totaled $668.7 million, up from $444.3 million on Dec 31, 2018.
Long-term borrowings as of Dec 31,2019 were $619.5 million, up from $393.6 million on Dec 31, 2018.
Guidance
For first-quarter 2020, Canadian Solar expects shipments in the range of 2.15-2.25 GW. This guidance includes approximately 250 MW of shipments to its utility-scale solar power projects that may not be recognized as revenues in the first quarter. Total revenues are projected within $780-$810 million, while gross margin is expected in the band of 26-28%.
The Zacks Consensus Estimate for the company’s first-quarter revenues is pegged at $939 million, higher than the company guided range.
For 2020, Canadian Solar expects total module shipments in the range of 10-12 GW. Total revenues for the year are expected in the range of $3.4-$3.9 billion. The Zacks Consensus Estimate for the company’s first-quarter earnings is pegged at $3.99 billion, higher than the company guided range.
Zacks Rank
Canadian Solar currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Q4 Release of Other Solar Players
First Solar (FSLR - Free Report) reported fourth-quarter 2019 adjusted earnings of $2.02 per share, which missed the Zacks Consensus Estimate of $2.79 by 27.6%.
Enphase Energy (ENPH - Free Report) reported fourth-quarter 2019 adjusted earnings of 39 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 18.2%.
SolarEdge Technologies (SEDG - Free Report) reported fourth-quarter 2019 adjusted earnings of $1.65 per share, which surpassed the Zacks Consensus Estimate of $1.30 by 26.9%.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>