CSIQ - Why Canadian Solar Stock Tanked by 12% on Tuesday
2023-08-22 16:13:00 ET
Investors sold out of Canadian Solar (NASDAQ: CSIQ) stock on Tuesday following the release of its second-quarter results. While the company trounced the collective analyst-profitability estimate, the story was quite different on the top line -- both in trailing and future terms. Canadian Solar's shares closed the day nearly 12% lower in price in marked contrast to the nearly 0.7% increase of the bellwether S&P 500 index.
This, despite the fact that Canadian Solar actually posted some solid growth figures. For example, its net revenue rose by 39% year over year to hit $2.4 billion, coming in on the low end of its guidance. That was on the back of a 62% improvement in solar-module shipments, of which the company delivered the equivalent of 8.2 gigawatts.
Meanwhile, non- GAAP net income also saw quite the growth spurt; it doubled and then some to $170 million ($2.39 per share) from the Q2 2022 result of $84 million.
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Why Canadian Solar Stock Tanked by 12% on Tuesday