We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Canadian Solar (CSIQ) Q3 Earnings Beat, Revenues Rise Y/Y
Read MoreHide Full Article
Canadian Solar Inc. (CSIQ - Free Report) reported third-quarter adjusted earnings of 42 cents per share, which surpassed the Zacks Consensus Estimate of 18 cents by 133.3%.
Barring one-time items, Canadian Solar posted GAAP earnings of 52 cents compared with 15 cents generated in the prior-year quarter.
Total Revenues
This solar cell manufacturer’s total revenues of $1,229.5 million missed the Zacks Consensus Estimate of $1,322 million by 7%. The top line however improved a solid 34.5% from $914.4 million reported in third-quarter 2020.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Solar module shipments in the quarter totaled 3.87 gigawatts (GW), which came in a bit below the mid-point of the guided range of 3.8-4.0 GW. This includes 173 megawatts (MWs) for the company's utility-scale solar power projects. Total module shipments increased 22% on a year-over-year basis.
Canadian Solar’s gross margin was 18.6% in the quarter, above the guided range of 14-16%.
Total operating expenses were $175.5 million, up 47.1% year over year. The increase was due to higher selling and distribution expenses as well as general and administrative expenses.
Interest expenses were $13.2 million, down from $17.9 million recorded in the year-ago period.
Financial Update
As of Sep 30, 2021, Canadian Solar’s cash and cash equivalents totaled $867.9 million, down from $1,178.8 million on Dec 31, 2020.
Long-term borrowings as of Sep 30, 2021 were $579.5 million, up from $446.1 million on Dec 31, 2020.
Guidance
For the fourth quarter of 2021, Canadian Solar expects total module shipments of 3.7-3.9 GW including approximately 250 MW of module shipments to its own projects. Total revenues are expected in the range of $1.5-$1.6 billion. The gross margin is expected between 14% and 16%.
The Zacks Consensus Estimate for fourth-quarter revenues, pegged at $1.95 billion, lies above the company guidance.
First Solar (FSLR - Free Report) reported third-quarter 2021 adjusted earnings of 42 cents per share, which missed the Zacks Consensus Estimate of 63 cents by 33.3%. Its third-quarter sales were $584 million, which lagged the Zacks Consensus Estimate of $699 million by 16.5%.
First Solar still expects earnings to be $4.00-$4.60 per share on sales of $2.88-3.10 billion in 2021. First Solar carries a Zacks Rank #4 (Sell), at present. The stock has gained 26.2% in the past year.
Enphase Energy (ENPH - Free Report) reported third-quarter 2021 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 47 cents by 27.7%. Enphase Energy’s third-quarter revenues of $351.5 million beat the Zacks Consensus Estimate of $344.9 million by 1.9%.
For fourth-quarter 2021, Enphase Energy expects revenues of $390-$410 million. The company carries a Zacks Rank #3 at present. The stock has gained 103.7% in the past year.
SolarEdge Technologies (SEDG - Free Report) reported third-quarter adjusted earnings of $1.45 per share, which surpassed the Zacks Consensus Estimate of $1.38 by 5.1%. SolarEdge’s revenues of $526.4 million in the third quarter missed the Zacks Consensus Estimate of $530 million by 0.6%.
For fourth-quarter 2021, SolarEdge expects revenues to be $530-$560 million. The company carries a Zacks Rank #3 at present. The stock has gained 52.6% in the past year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Canadian Solar (CSIQ) Q3 Earnings Beat, Revenues Rise Y/Y
Canadian Solar Inc. (CSIQ - Free Report) reported third-quarter adjusted earnings of 42 cents per share, which surpassed the Zacks Consensus Estimate of 18 cents by 133.3%.
Barring one-time items, Canadian Solar posted GAAP earnings of 52 cents compared with 15 cents generated in the prior-year quarter.
Total Revenues
This solar cell manufacturer’s total revenues of $1,229.5 million missed the Zacks Consensus Estimate of $1,322 million by 7%. The top line however improved a solid 34.5% from $914.4 million reported in third-quarter 2020.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Canadian Solar Inc. price-consensus-eps-surprise-chart | Canadian Solar Inc. Quote
Operational Update
Solar module shipments in the quarter totaled 3.87 gigawatts (GW), which came in a bit below the mid-point of the guided range of 3.8-4.0 GW. This includes 173 megawatts (MWs) for the company's utility-scale solar power projects. Total module shipments increased 22% on a year-over-year basis.
Canadian Solar’s gross margin was 18.6% in the quarter, above the guided range of 14-16%.
Total operating expenses were $175.5 million, up 47.1% year over year. The increase was due to higher selling and distribution expenses as well as general and administrative expenses.
Interest expenses were $13.2 million, down from $17.9 million recorded in the year-ago period.
Financial Update
As of Sep 30, 2021, Canadian Solar’s cash and cash equivalents totaled $867.9 million, down from $1,178.8 million on Dec 31, 2020.
Long-term borrowings as of Sep 30, 2021 were $579.5 million, up from $446.1 million on Dec 31, 2020.
Guidance
For the fourth quarter of 2021, Canadian Solar expects total module shipments of 3.7-3.9 GW including approximately 250 MW of module shipments to its own projects. Total revenues are expected in the range of $1.5-$1.6 billion. The gross margin is expected between 14% and 16%.
The Zacks Consensus Estimate for fourth-quarter revenues, pegged at $1.95 billion, lies above the company guidance.
Zacks Rank
Canadian Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
First Solar (FSLR - Free Report) reported third-quarter 2021 adjusted earnings of 42 cents per share, which missed the Zacks Consensus Estimate of 63 cents by 33.3%. Its third-quarter sales were $584 million, which lagged the Zacks Consensus Estimate of $699 million by 16.5%.
First Solar still expects earnings to be $4.00-$4.60 per share on sales of $2.88-3.10 billion in 2021. First Solar carries a Zacks Rank #4 (Sell), at present. The stock has gained 26.2% in the past year.
Enphase Energy (ENPH - Free Report) reported third-quarter 2021 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 47 cents by 27.7%. Enphase Energy’s third-quarter revenues of $351.5 million beat the Zacks Consensus Estimate of $344.9 million by 1.9%.
For fourth-quarter 2021, Enphase Energy expects revenues of $390-$410 million. The company carries a Zacks Rank #3 at present. The stock has gained 103.7% in the past year.
SolarEdge Technologies (SEDG - Free Report) reported third-quarter adjusted earnings of $1.45 per share, which surpassed the Zacks Consensus Estimate of $1.38 by 5.1%. SolarEdge’s revenues of $526.4 million in the third quarter missed the Zacks Consensus Estimate of $530 million by 0.6%.
For fourth-quarter 2021, SolarEdge expects revenues to be $530-$560 million. The company carries a Zacks Rank #3 at present. The stock has gained 52.6% in the past year.