CSIQ - Why Canadian Solar's Stock Popped 16.5% on Tuesday
2023-03-21 14:41:46 ET
Shares of solar panel manufacturer Canadian Solar (NASDAQ: CSIQ) jumped as much as 16.5% in trading on Tuesday after reporting fourth-quarter 2022 financial results. Shares are hitting their highs at 2 p.m. ET and show no sign of losing momentum.
Solar panel shipments jumped 68% to 6.4 gigawatts (GW) in the quarter, and revenue was up 29% to $1.97 billion, above guidance. Gross margin was 17.7%, which was at the high end of the guidance range of 16% to 18%, impressive given the revenue beat. Net income was $78 million, or $1.11 per share, beating estimates of $0.70 in earnings from Wall Street.
For 2023, management expects revenue to be $1.6 billion to $1.8 billion, with gross margins of 18% to 20%, indicating a slight drop in revenue from $7.6 billion but an increase in margins.
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Why Canadian Solar's Stock Popped 16.5% on Tuesday