Canadian Solar Q3 Profit Climbs; Sees Sequentially Lower Q4 Revenues

(RTTNews) - Canadian Solar Inc. (CSIQ) reported Tuesday that its third-quarter net income attributable to the company was $78.47 million or $1.12 per share, 123 percent higher than net income of $35.24 million or $0.52 per share last year.

Net revenues in the third quarter were up 57 percent to $1.93 billion from $1.23 billion a year ago.

On average, six analysts polled by Thomson Reuters expected earnings of $0.49 per share for the quarter on revenues of $2.07 billion. Analysts' estimates typically exclude special items.

Looking ahead for the fourth quarter, the company expects total revenues to be in the range of $1.8 billion to $1.9 billion. Analysts estimate revenues of $2.11 billion for the fourth quarter.

Gross margin for the quarter is expected to be between 16 percent to 18 percent. Total module shipments recognized as revenues by CSI Solar are expected to be in the range of 6.0 GW to 6.3 GW, including approximately 290 MW to the Company's own projects.

For the full year of 2022, the company expects CSI Solar's total battery storage shipments to be in the range of 1.8 GWh to 1.9 GWh, including approximately 300 MWh to the Company's own projects.

Global Energy project sales are expected to be in the range of 2.2 GW to 2.3 GW.

For the full year of 2023, the company expects total module shipments to be in the range of 30 GW to 35 GW, representing 56 percent year-over-year growth at the mid-point of the range.

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