CSIQ - Why Canadian Solar's Stock Is Soaring Today
Smashing both top- and bottom-line estimates, Canadian Solar (NASDAQ: CSIQ) reported second-quarter 2022 earnings before the opening bell, and investors are basking in the results. But it's not only the company's recent performance that's shining brightly in investors' eyes. The company also provided an upwardly revised forecast for 2022, helping the stock to shoot higher.
As of 10:19 a.m. ET, shares of Canadian Solar are up 18.1%.
Growing revenue 62% year over year, Canadian Solar reported sales of $2.31 billion for Q2 2022, surpassing analysts' expectations that it would book $2.23 billion on the top line. Besides increases in project sales, average selling prices, and solar shipment volumes, management attributed the substantial sales growth to "significant growth in the company's battery storage solutions business."
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Why Canadian Solar's Stock Is Soaring Today