2023-03-21 07:53:59 ET
Canadian Solar ( NASDAQ: CSIQ ) +9% pre-market Tuesday after easily beating Q4 GAAP earnings expectations on stronger solar module shipments.
Q4 net income attributable to the company nearly tripled to $77.8M, or $1.11/share, from $26M, or $0.39/share, in the year-earlier quarter, as revenue rose 29% Y/Y to $1.97B from $1.53B, above the top end of Canadian Solar's ( CSIQ ) own guidance of $1.9B and in line with analyst consensus.
Canadian Solar ( CSIQ ) said Q4 solar module shipments jumped 68% Y/Y to 6.4 GW, above its own guidance of 6.0-6.33 GW; gross margin of 17.7% was at the high end of company guidance of 16%-18%.
For the full year, the company set records for revenues of $7.47B; net income of $240M, or $3.44/share; and solar module shipments of 21.1 GW, up 45% Y/Y.
For Q1 2023, Canadian Solar issued in-line guidance for revenues of $1.6B-$1.8B vs. $1.75B consensus, with solar module shipments of 5.9-6.2 GW and gross margin of 18%-20%.
FY 2023 guidance for revenues of $8.5B-$9.5B was below $9.71B consensus, with solar module shipments estimated at 30-35 GW.
Canadian Solar ( CSIQ ) shares have gained 18% so far this year and are 1% higher during the past 12 months .
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Canadian Solar cruises past Q4 earnings estimates as module shipments surge