CSIQ - Why Canadian Solar Shares Are Trading Lower Today | Benzinga
Canadian Solar Inc (NASDAQ: CSIQ) reported a 4.5% year-on-year decline in third-quarter FY23 revenue to $1.85 billion, missing the consensus estimate of $2.03 billion.
The 22% sequential revenue decrease reflects lower project sales during the quarter and a decline in the average selling price of modules, partially offset by higher solar module shipment volumes.
Total module shipments reached 8.3 GW, up 39% Y/Y and 1% sequentially. Gross profit decreased by 15% Y/Y to $308 million, with the margin contracting by 208 basis points to 16.7%.
Operating income fell 6.4% Y/Y to $83.02 million, with the margin contracting 10 basis points to 4.5%.
EPS was $0.32, down from $2.39 last quarter and $1.12 in 3Q22.
Canadian Solar generated ...