Saturday, July 20, 2024

Canadian Solar Q1 Earnings Beat, Revenues Fall Y/Y

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Canadian Solar, Inc. (NASDAQ:CSIQ) reported first-quarter 2024 earnings of 19 cents per share, beating the Zacks Consensus Estimate of a lack of 34 cents. However, the underside line is down 84% from the primary quarter of 2023’s reported determine of $1.19 per share.

Revenues

Canadian Solar reported revenues of $1.33 billion within the first quarter, beating the Zacks Consensus Estimate by 4.2%. However, the highest line was down 21.9% from the earlier quarter’s determine of $1.70 billion. This lower was primarily resulting from a lower within the common promoting value for CSIQ modules.

Price, Consensus and EPS Surprise of Canadian Solar Inc Price, Consensus and EPS Surprise of Canadian Solar Inc

Canadian Solar Inc. price-consensus-eps-surprise-chart | Quote from Canadian Solar Inc

Operational Update

Solar module shipments within the quarter totaled 6.3 gigawatts (GW), falling inside the firm’s beforehand introduced steering vary of 6.1-6.4 GW. This consists of 236 megawatts of the corporate’s utility-scale solar energy initiatives. Total module shipments elevated 4% on a year-over-year foundation.
Canadian Solar’s gross margin was 19% within the quarter, remaining on the excessive finish of the 17%-19% steering vary. Gross margin elevated by 30 foundation factors 12 months over 12 months, pushed by decrease manufacturing prices and better margin contribution from gross sales of battery power storage options.
Total working bills have been $204 million, up 18.6% 12 months over 12 months.
Depreciation and amortization expenses have been $110 million, up from $68 million recorded final 12 months. The enhance is because of the firm’s continued funding in vertical integration and incremental capability enlargement.

Financial Update

As of Mar 31, 2024, Canadian Solar’s money and money equivalents totaled $2.08 billion, up from $1.94 billion as of Dec 31, 2023.
Long-term borrowings at Mar 31, 2024 have been $1.59 billion, up from $1.27 billion at Dec 31, 2023.

Q2 Guide

For the second quarter of 2024, Canadian Solar expects complete module shipments within the vary of seven.5-8.0 GW, together with roughly 100 MW of module shipments for its initiatives.
Total income is predicted within the vary of $1.5-$1.7 billion. The Zacks Consensus Estimate for second quarter gross sales was pegged at $2.08 billion, greater than the corporate’s guided vary.
The firm expects the gross margin to be between 16% and 18%.
CSI Solar’s complete battery power storage shipments within the second quarter are anticipated to be between 1.4 gigawatt-hours (GWh) and 1.6 GWh.

Zacks rank

Canadian Solar presently carries a Zacks Rank #3 (Hold).

New Solar Releases

Enphase Energy, Inc. (NASDAQ:ENPH) reported first-quarter 2024 adjusted earnings of 35 cents per share, marking a 74.5% decline from the $1.37 reported within the year-ago quarter. The backside line additionally fell to the Zacks Consensus Estimate of 42 cents per share by 16.7%.
ENPH’s first quarter income of $263.3 million missed the Zacks Consensus Estimate of $284 million. The high line was additionally down 63.7% from final quarter’s reported determine of $726 million.
Sunnova Energy (NYSE: NOVA) reported a first-quarter 2024 lack of 57 cents per share, marking an enchancment from the lack of 70 cents per share reported within the year-ago quarter. The backside line additionally got here in narrower than the Zacks Consensus Estimate at a lack of 79 cents per share.
NOVA’s first-quarter income of $160.9 million missed the Zacks Consensus Estimate of $198 million. The high line was additionally down 0.5% from final quarter’s reported determine of $161.7 million.
SolarEdge Technologies, Inc. (NASDAQ:SEDG) reported first quarter 2024 adjusted lack of $1.90 per share, wider than the Zacks Consensus Estimate of a lack of $1.58. The backside line additionally harm from final quarter’s reported earnings of $2.90 per share.
The firm’s quarterly income of $204.4 million beat the Zacks Consensus Estimate by 4.9%. However, the highest line was down 78.3% from final quarter’s determine of $943.9 million.

To learn this Zacks.com article click on right here.



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