Canadian Solar Slips To Loss In Q4; Sees Q1, FY24 Revenue Below Market - Update

(RTTNews) - Canadian Solar Inc. (CSIQ), while reporting a loss in its fourth quarter with weak revenues, on Thursday issued first-quarter and fiscal 2024 revenue view, both below market estimates.

For the first quarter, Canadian Solar expects total revenue to be in the range of $1.2 billion to $1.4 billion and gross margin between 17 percent and 19 percent.

For fiscal 2024, total revenue is expected to be in the range of $8.5 billion to $9.5 billion, compared to $7.6 billion in fiscal 2023.

Analysts on average expect the company to report revenues of $1.9 billion for the quarter and $9.57 billion for the year, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company continues to expect full-year total module shipments to be in the range of 42 GW to 47 GW and total battery energy storage shipments in the range of 6.0 GWh to 6.5 Gwh.

In its fourth quarter, net loss attributable to Canadian Solar was $1.39 million or $0.02 per share, compared to net income of $77.83 million or $1.11 per share in 2022.

Analysts projected $0.00 per share for the quarter.

Net revenues in the fourth quarter decreased 14 percent to $1.70 billion from $1.97 billion in the same period last year. The Street was looking for revenues of $1.69 billion for the quarter.

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