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Canadian Solar (CSIQ) Q2 Earnings Beat, Revenues Rise Y/Y
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Canadian Solar Inc. (CSIQ - Free Report) reported second-quarter 2022 earnings of $1.07 per share, beating the Zacks Consensus Estimate of 70 cents per share by 52.9%. The bottom line also surged a whopping 494.4% from the second-quarter 2021 reported figure.
Total Revenues
This solar cell manufacturer’s total revenues of $2,314.2 million surpassed the Zacks Consensus Estimate of $2,231 million by 3.71%. The top line improved a solid 62% from $1,429.7 million reported in the second quarter of 2021, primarily due to higher project sales as well as solar shipment volumes and average selling price coupled with significant growth in the company's battery storage solutions business.
CHART
Canadian Solar Inc. Price, Consensus and EPS Surprise
Solar module shipments in the quarter totaled 5.06 gigawatts (GW), which came at the high end of the guided range of 4.9-5.1 GW. This includes 126 megawatts (MW) for the company's utility-scale solar power projects. Total module shipments increased 37% on a year-over-year basis.
Canadian Solar’s gross margin was 16% in the quarter, which came higher than the guided range of 14.5-15.5%. Total operating expenses were $255 million, up 61.4% year over year.
Depreciation and amortization charges were $63 million, down from the $66 million recorded in the year-ago period.
Financial Update
As of June 30, 2022, Canadian Solar’s cash and cash equivalents totaled $1,053.6 million, up from $869.8 million on Dec 31, 2021.
Long-term borrowings as of June 30, 2022, were $780.1 million, up from $523.6 million on Dec 31, 2021.
Guidance
For the third quarter of 2022, Canadian Solar expects total module shipments to be in the range of 6-6.2 GW, including approximately 140 MW of module shipments for its projects. Total revenues are expected in the range of $2-$2.1 billion. The Zacks Consensus Estimate for second-quarter 2022 sales is pegged at $2.2 billion, slightly higher than the mid-point of the company’s guided range. The gross margin is expected between 15% and 16.5%.
For 2022, the company raised its revenue expectation and now projects it to be in the range of $7.5-$8 billion, up from the prior guidance range of $7.0-$7.5 billion. The Zacks Consensus Estimate of $7.5 billion for its 2022 sales, lies at the high end of the company’s guided range.
Total module shipments are projected in the range of 20-22 GW while battery storage shipments are expected to be in the band of 1.8 gigawatt-hour (GWh) to 1.9 GWh (CSI Solar). Total project sales are likely to be in the range of 2.1-2.6 GW.
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2022 adjusted earnings of $1.07 per share, which improved by a solid 101.9% from 53 cents reported in the prior-year quarter.
Enphase Energy’s second-quarter revenues of $530.2 soared 67.7% from the year-ago quarter’s $316.1 million. For the third quarter of 2022, ENPH expects revenues in the range of $590-$630 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2022 earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 73.3%. However, the bottom line declined from the prior-year quarter’s earnings of 77 cents per share.
First Solar’s second-quarter sales were $621 million, which beat the Zacks Consensus Estimate of $599 million by 3.7%.
SunPower Corporation’s (SPWR - Free Report) share price increased 4.9% since its earnings release on Aug 2, 2022. The company reported second-quarter 2022 adjusted earnings of 3 cents per share. The bottom line marked a deterioration from the year-ago quarter’s earnings of 7 cents per share.
During the quarter under review, SunPower’s adjusted revenues came in at $414.1 million. SunPower had cash and cash equivalents of $206.4 million as of Jul 3, 2022 compared with $123.7 million as of Jan 3, 2021.
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Canadian Solar (CSIQ) Q2 Earnings Beat, Revenues Rise Y/Y
Canadian Solar Inc. (CSIQ - Free Report) reported second-quarter 2022 earnings of $1.07 per share, beating the Zacks Consensus Estimate of 70 cents per share by 52.9%. The bottom line also surged a whopping 494.4% from the second-quarter 2021 reported figure.
Total Revenues
This solar cell manufacturer’s total revenues of $2,314.2 million surpassed the Zacks Consensus Estimate of $2,231 million by 3.71%. The top line improved a solid 62% from $1,429.7 million reported in the second quarter of 2021, primarily due to higher project sales as well as solar shipment volumes and average selling price coupled with significant growth in the company's battery storage solutions business.
CHART
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 5.06 gigawatts (GW), which came at the high end of the guided range of 4.9-5.1 GW. This includes 126 megawatts (MW) for the company's utility-scale solar power projects. Total module shipments increased 37% on a year-over-year basis.
Canadian Solar’s gross margin was 16% in the quarter, which came higher than the guided range of 14.5-15.5%. Total operating expenses were $255 million, up 61.4% year over year.
Depreciation and amortization charges were $63 million, down from the $66 million recorded in the year-ago period.
Financial Update
As of June 30, 2022, Canadian Solar’s cash and cash equivalents totaled $1,053.6 million, up from $869.8 million on Dec 31, 2021.
Long-term borrowings as of June 30, 2022, were $780.1 million, up from $523.6 million on Dec 31, 2021.
Guidance
For the third quarter of 2022, Canadian Solar expects total module shipments to be in the range of 6-6.2 GW, including approximately 140 MW of module shipments for its projects. Total revenues are expected in the range of $2-$2.1 billion. The Zacks Consensus Estimate for second-quarter 2022 sales is pegged at $2.2 billion, slightly higher than the mid-point of the company’s guided range. The gross margin is expected between 15% and 16.5%.
For 2022, the company raised its revenue expectation and now projects it to be in the range of $7.5-$8 billion, up from the prior guidance range of $7.0-$7.5 billion. The Zacks Consensus Estimate of $7.5 billion for its 2022 sales, lies at the high end of the company’s guided range.
Total module shipments are projected in the range of 20-22 GW while battery storage shipments are expected to be in the band of 1.8 gigawatt-hour (GWh) to 1.9 GWh (CSI Solar). Total project sales are likely to be in the range of 2.1-2.6 GW.
Zacks Rank
Canadian Solar currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2022 adjusted earnings of $1.07 per share, which improved by a solid 101.9% from 53 cents reported in the prior-year quarter.
Enphase Energy’s second-quarter revenues of $530.2 soared 67.7% from the year-ago quarter’s $316.1 million. For the third quarter of 2022, ENPH expects revenues in the range of $590-$630 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2022 earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 73.3%. However, the bottom line declined from the prior-year quarter’s earnings of 77 cents per share.
First Solar’s second-quarter sales were $621 million, which beat the Zacks Consensus Estimate of $599 million by 3.7%.
SunPower Corporation’s (SPWR - Free Report) share price increased 4.9% since its earnings release on Aug 2, 2022. The company reported second-quarter 2022 adjusted earnings of 3 cents per share. The bottom line marked a deterioration from the year-ago quarter’s earnings of 7 cents per share.
During the quarter under review, SunPower’s adjusted revenues came in at $414.1 million. SunPower had cash and cash equivalents of $206.4 million as of Jul 3, 2022 compared with $123.7 million as of Jan 3, 2021.