CSIQ - Canadian Solar climbs after posting surprise Q1 profit upbeat Q2 guidance

Canadian Solar (NASDAQ:CSIQ) +1.9% pre-market after reporting Q1 adjusted earnings that fell from the same period last year but beat analyst estimates, while issuing upside guidance for Q2. Q1 adjusted earnings fell to $9.21M, or $0.14/share, from $22.78M, or $0.36/share, in the year-earlier quarter, but analysts had expected a $0.09/share loss, while revenues rose 14.7% Y/Y to $1.25B, slightly short of expectations. Q1 gross margin was 14.5%, at the low end of prior guidance of 14.5%-15.5%, and compared to 19.7% in Q4 2021, driven by higher raw material costs and the absence of U.S. anti-dumping and countervailing duty true up benefit in the current quarter relative to the prior quarter. Q1 solar module shipments totaled 3.63 GW, up 42% Y/Y and in line with company guidance of 3.6-3.8 GW. The company said the carve-out IPO of CSI Solar remains on track, despite the slowdown caused by COVID-related lockdowns in China;

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Canadian Solar climbs after posting surprise Q1 profit, upbeat Q2 guidance