Canadian Solar Q3 Profit Down, Matches Estimates; Cuts FY View - Quick Facts

(RTTNews) - Canadian Solar Inc. (CSIQ), a solar power company, reported Monday that its third-quarter net income attributable to the company was $15.6 million or $0.27 per share, compared to $30.4 million or $0.53 per share a year ago.

Net revenue was $657.3 million, down 22.7% from $849.8 million in the previous year.

On average, analysts polled by Thomson Reuters expected earnings of $0.27 per share for the quarter on revenues of $685.28 million. Analysts' estimates typically exclude special items.

Net revenue from the total solutions business as a percentage of total net revenue was 10.4%.

Total solar module shipments were 1,185 MW, of which 1,161 MW was recognized in revenue, compared to 1,150 MW recognized in revenue in the third quarter of 2015.

Looking ahead, for the fourth quarter, the company expects total solar module shipments to be in the range of approximately 1.4 GW to 1.5 GW. Total revenue for the quarter is expected to be in the range of $600 million to $750 million. Gross margin is expected to be between 11% and 16%. Analysts expect revenues of $830.96 million for the quarter.

For the full year 2016, the company now expects total module shipments to be in the range of approximately 5.073 GW to 5.173 GW, compared to 5.4 GW to 5.5 GW as previously guided. Revenue is now expected to be in the range of $2.78 billion to $2.94 billion, compared to $3.0 billion to $3.2 billion as previously expected. Analysts expect revenues of $3.09 billion for the year.

The updated revenue guidance excludes the sales of approximately $300 million of solar power plant assets, which may occur in the fourth quarter or early 2017, as previously discussed.

The company further said the work to restore Funing cell factory is proceeding on schedule. The firm expects to have the first two of ten production lines up and running by the end of 2016, and remaining production lines back in full production by the end of the first half of 2017.