Canadian Solar Beats Earnings Estimates, Raises FY22 Revenue Guidance

Tiger Newspress2022-08-18

Canadian Solarpress release (NASDAQ:CSIQ): Q2 GAAP EPS of $1.07 beats by $0.40.

Revenue of $2.31B (+61.5% Y/Y) beats by $80M.

Solar module shipments of 5.06 GW, at the high end of 4.9 GW to 5.1 GW guidance range.

GlobalEnergy solar project pipeline expands to 26 GWp and storage pipeline expands to over 31 GWh, as of June 30, 2022.

For the third quarter of 2022, the Company expects total revenues to be in the range of $2.0 billion to $2.1 billion ($1.94B consensus). Gross margin is expected to be between 15.0% and 16.5%. Total module shipments recognized as revenues by CSI Solar are expected to be in the range of 6.0 GW to 6.2 GW, including approximately 140 MW to the Company's own projects.

For the full year of 2022, the Company raises total revenue guidance to $7.5 billion to $8.0 billion ($7.25B consensus), from $7.0 billion to $7.5 billion previously. The Company expects full year volume targets for CSI Solar and Global Energy to remain unchanged from the ranges communicated in the prior quarter: total module shipments of 20 GW to 22 GW and battery storage shipments of 1.8 GWh to 1.9 GWh (CSI Solar), and total project sales of 2.1 GW to 2.6 GW (Global Energy).

Canadian Solar shares jumped 6.6% in premarket trading.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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