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Canadian Solar Power (NASDAQ:CSIQ) +9% ahead of the market Tuesday after easily beating expectations for fourth-quarter GAAP earnings on stronger solar module shipments.
Fourth-quarter net income attributable to the company nearly tripled to $77.8 million, or $1.11 per share, from $26 million, or $0.39 per share, in the year-ago quarter, as revenue increased a 29% year-over-year to $1.97 billion from $1.53 billion, above the top end of Canadian Solar (CSIQ) own guidance of $1.9B and in line with the analyst consensus.
Canadian Solar (CSIQ) said fourth-quarter solar module shipments rose 68% year-on-year to 6.4GW, above its own forecast of 6.0-6.33GW; Gross margin of 17.7% was at the high end of the company’s guide of 16% to 18%.
For the full year, the company set revenue records of $7.47 billion; net income of $240M, or $3.44/share; and solar module shipments of 21.1 GW, up 45% year-on-year.
For Q1 2023, Canadian Solar issued guidance online for revenue of $1.6-$1.8 billion vs. consensus of $1.75 billion, with solar module shipments of 5.9-6.2 GW and gross margin of 18% to 20 %.
FY2023 guidance for revenue of $8.5B-$9.5B was below the consensus of $9.71B, with solar module shipments estimated at 30-35 GW.
Canadian Solar (CSIQ) shares have gained 18% year-to-date and are up 1% over the past 12 months.
