CSIQ - Canadian Solar crushes Q1 earnings expectations issues upbeat guidance
2023-05-18 07:27:45 ET
Canadian Solar ( NASDAQ: CSIQ ) +3.9% pre-market Thursday after routing Q1 earnings expectations and offering above-consensus guidance for Q2 revenues.
Q1 net income increased nine-fold to $83.7M, or $1.19/share, from $9.2M, or $0.14/share, as revenues rose 36% Y/Y but fell 14% Q/Q to $1.7B, reflecting an expected decline in module average selling price and lower solar module shipment volume due to seasonality.
Q1 total module shipments recognized as revenues jumped 66% Y/Y to 6.1 GW, of which 90 MW were shipped to the company's own utility-scale solar power projects.
Canadian Solar ( CSIQ ) issued guidance for Q2 revenues of $2.4B-$2.6B, above $2.26B analyst consensus estimate, with gross margin of 19%-21% and total module shipments recognized as revenues by CSI Solar of 8.1-8.4 GW.
For the full year, the company reiterated its prior outlook for CSI Solar's total module shipments of 30-35 GW while raising the bottom end of its total revenue guidance to a range of $9B-$9.5B from $8.5B-$9.5B previously.
"With the imminent IPO of our CSI Solar subsidiary, we will have a new platform to raise investment capital and further strengthen our leading position in solar and battery storage manufacturing," Chairman and CEO Shawn Qu said.
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Canadian Solar crushes Q1 earnings expectations, issues upbeat guidance