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Canadian Solar (CSIQ) Q1 Earnings Beat, Revenues Fall Y/Y
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Canadian Solar, Inc. (CSIQ - Free Report) reported first-quarter 2024 earnings of 19 cents per share, which surpassed the Zacks Consensus Estimate of a loss of 34 cents. However, the bottom line declined 84% from the first-quarter 2023 reported figure of $1.19 per share.
Revenues
Canadian Solar reported revenues of $1.33 billion in the first quarter, which surpassed the Zacks Consensus Estimate by 4.2%. However, the top line declined 21.9% from the year-ago quarter’s figure of $1.70 billion. This decrease was primarily due to a decline in the average selling price (ASP) for CSIQ’s modules.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Solar module shipments in the quarter totaled 6.3 gigawatts (GW), which came within the company’s earlier announced guidance range of 6.1-6.4 GW. This includes 236 megawatts (MW) of the company's utility-scale solar power projects. Total module shipments increased 4% on a year-over-year basis.
Canadian Solar’s gross margin was 19% in the quarter, which remains at the high end of the 17%-19% guidance range. The gross margin improved 30 basis points year over year, driven by lower manufacturing costs and a higher margin contribution from battery energy storage solutions sales.
Total operating expenses were $204 million, up 18.6% year over year.
Depreciation and amortization charges were $110 million, up from the $68 million recorded in the year-ago period. The increase was due to the company's continued investments in vertical integration and incremental capacity expansion.
Financial Update
As of Mar 31, 2024, Canadian Solar’s cash and cash equivalents totaled $2.08 billion, up from $1.94 billion on Dec 31, 2023.
Long-term borrowings as of Mar 31, 2024 were $1.59 billion, up from $1.27 billion on Dec 31, 2023.
Q2 Guidance
For the second quarter of 2024, Canadian Solar expects total module shipments in the range of 7.5-8.0 GW, including approximately 100 MW of module shipments for its projects.
Total revenues are expected in the range of $1.5-$1.7 billion. The Zacks Consensus Estimate for second-quarter sales is pegged at $2.08 billion, much higher than the company’s guided range.
The company expects gross margin to be between 16% and 18%.
Total battery energy storage shipments by CSI Solar in the second quarter are expected between 1.4 gigawatt-hours (GWh) and 1.6 GWh.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2024 adjusted earnings of 35 cents per share, highlighting a 74.5% decline from $1.37 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 42 cents per share by 16.7%.
ENPH’s first-quarter revenues of $263.3 million missed the Zacks Consensus Estimate of $284 million. The top line also declined 63.7% from the prior-year quarter’s reported figure of $726 million.
Sunnova Energy (NOVA - Free Report) reported a first-quarter 2024 loss of 57 cents per share, highlighting an improvement from the loss of 70 cents per share reported in the prior-year quarter. The bottom line also came in narrower than the Zacks Consensus Estimate of a loss of 79 cents per share.
NOVA’s first-quarter revenues of $160.9 million missed the Zacks Consensus Estimate of $198 million. The top line also slipped 0.5% from the prior-year quarter’s reported figure of $161.7 million.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported a first-quarter 2024 adjusted loss of $1.90 per share, wider than the Zacks Consensus Estimate of a loss of $1.58. The bottom line also deteriorated from the prior-year quarter’s reported earnings of $2.90 per share.
The company’s quarterly revenues of $204.4 million surpassed the Zacks Consensus Estimate by 4.9%. However, the top line declined 78.3% from the year-ago quarter’s figure of $943.9 million.
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Canadian Solar (CSIQ) Q1 Earnings Beat, Revenues Fall Y/Y
Canadian Solar, Inc. (CSIQ - Free Report) reported first-quarter 2024 earnings of 19 cents per share, which surpassed the Zacks Consensus Estimate of a loss of 34 cents. However, the bottom line declined 84% from the first-quarter 2023 reported figure of $1.19 per share.
Revenues
Canadian Solar reported revenues of $1.33 billion in the first quarter, which surpassed the Zacks Consensus Estimate by 4.2%. However, the top line declined 21.9% from the year-ago quarter’s figure of $1.70 billion. This decrease was primarily due to a decline in the average selling price (ASP) for CSIQ’s modules.
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 6.3 gigawatts (GW), which came within the company’s earlier announced guidance range of 6.1-6.4 GW. This includes 236 megawatts (MW) of the company's utility-scale solar power projects. Total module shipments increased 4% on a year-over-year basis.
Canadian Solar’s gross margin was 19% in the quarter, which remains at the high end of the 17%-19% guidance range. The gross margin improved 30 basis points year over year, driven by lower manufacturing costs and a higher margin contribution from battery energy storage solutions sales.
Total operating expenses were $204 million, up 18.6% year over year.
Depreciation and amortization charges were $110 million, up from the $68 million recorded in the year-ago period. The increase was due to the company's continued investments in vertical integration and incremental capacity expansion.
Financial Update
As of Mar 31, 2024, Canadian Solar’s cash and cash equivalents totaled $2.08 billion, up from $1.94 billion on Dec 31, 2023.
Long-term borrowings as of Mar 31, 2024 were $1.59 billion, up from $1.27 billion on Dec 31, 2023.
Q2 Guidance
For the second quarter of 2024, Canadian Solar expects total module shipments in the range of 7.5-8.0 GW, including approximately 100 MW of module shipments for its projects.
Total revenues are expected in the range of $1.5-$1.7 billion. The Zacks Consensus Estimate for second-quarter sales is pegged at $2.08 billion, much higher than the company’s guided range.
The company expects gross margin to be between 16% and 18%.
Total battery energy storage shipments by CSI Solar in the second quarter are expected between 1.4 gigawatt-hours (GWh) and 1.6 GWh.
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
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2024 adjusted earnings of 35 cents per share, highlighting a 74.5% decline from $1.37 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 42 cents per share by 16.7%.
ENPH’s first-quarter revenues of $263.3 million missed the Zacks Consensus Estimate of $284 million. The top line also declined 63.7% from the prior-year quarter’s reported figure of $726 million.
Sunnova Energy (NOVA - Free Report) reported a first-quarter 2024 loss of 57 cents per share, highlighting an improvement from the loss of 70 cents per share reported in the prior-year quarter. The bottom line also came in narrower than the Zacks Consensus Estimate of a loss of 79 cents per share.
NOVA’s first-quarter revenues of $160.9 million missed the Zacks Consensus Estimate of $198 million. The top line also slipped 0.5% from the prior-year quarter’s reported figure of $161.7 million.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported a first-quarter 2024 adjusted loss of $1.90 per share, wider than the Zacks Consensus Estimate of a loss of $1.58. The bottom line also deteriorated from the prior-year quarter’s reported earnings of $2.90 per share.
The company’s quarterly revenues of $204.4 million surpassed the Zacks Consensus Estimate by 4.9%. However, the top line declined 78.3% from the year-ago quarter’s figure of $943.9 million.