Time New York: Sun 19 Aug 07:46 am  |  Save 15% on H&R Block Online

  
caticonslite_bm_alt

Canadian Solar (CSIQ) Q1 Earnings & Sales Top Estimates

Zacks

Canadian Solar Inc. CSIQ reported first-quarter 2018 earnings of 72 cents per share, beating the Zacks Consensus Estimate of 38 cents by 89.5%. The company had reported a loss of 23 cents per share in the year-ago quarter.

Total Revenues

Solar cell manufacturer, Canadian Solar posted total revenues of $1.42 billion in the quarter, which also surpassed the Zacks Consensus Estimate of $1.38 billion by 3%. The top line was also up 110.5% from $0.68 billion reported in first-quarter 2017.


Canadian Solar Inc. Price, Consensus and EPS Surprise

Canadian Solar Inc. Price, Consensus and EPS Surprise | Canadian Solar Inc. Quote

Operational Update

Solar module shipments in the quarter totaled 1,374 megawatts (MW), down 7.2%, from the year-ago level of 1,480 MW. The figure however exceeded management’s guidance range of 1.30-1.35 gigawatt (GW).

Gross profit was $143.9 million, up 57.4%, from the year-ago level of $91.4 million. Gross margin was 10.1% in the quarter compared with 13.5% in the prior-year quarter.

Total operating expenses were $88.4 million, up 45.6% year over year. Selling expenses totaled $39.9 million, down 6.6% year over year. General and administrative expenses were $69.7 million, up 10.8% year over year. Research and development expenses were $8.6 million compared with $3.2 million a year ago.

Interest expenses were $65.7 million, down from $93.7 million recorded a year ago.

Financial Update

As of Mar 31, 2018, cash and cash equivalents were $567.4 million, up from $561.7 million as of Dec 31, 2017.

Long-term debt as of Mar 31, 2018, was $328.1 million, down from $404.3 million as of Dec 31, 2017.

Business Developments

During the reported quarter, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, had completed the sale of its interests in three solar power plants — Astoria, Astoria 2 and Barren Ridge projects — totaling 235 MWac/309 MWp to KEPCO, South Korea's largest electric utility. The company also announced that it successfully started commercial operation of a 6 MWp solar power plant in Keetmanshoop, Namibia.

Moreover, Canadian Solar acquired a 97.6 MWp solar photovoltaic project in Cafayate, Salta Province, Argentina.

Guidance

For second-quarter 2018, Canadian Solar expects shipments in the range of 1.50-1.60 GW. Total revenues are projected in the range of $690-$730 million along with gross margin in the 20-22% range.

Zacks Rank

Canadian Solar 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

First Solar FSLR reported first-quarter 2018 earnings of 78 cents per share, better than the Zacks Consensus Estimate of a loss of 5 cents, by a huge margin.

SunPower SPWR incurred first-quarter 2018 adjusted loss of 20 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 34 cents.

Enphase Energy ENPH reported first-quarter 2018 loss of a penny, was narrower than the Zacks Consensus Estimate of a loss of 3 cents.

Today's Stocks from Zacks' Hottest Strategies

It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.

And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 – 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.

See Them Free>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

To read this article on Zacks.com click here.

Zacks Investment Research
<-- You can share this post with your network,
or give us your opinion and leave a comment.
Be sure to check our RSS feeds for updates.

Get AutoBlogged