Canadian Solar (CSIQ) Q3 Earnings Meet Estimates, Down Y/Y
Zacks Investment Research | Nov 21, 2016 02:33AM ET
Solar cell manufacturer Canadian Solar Inc. (NASDAQ:CSIQ) reported third-quarter 2016 earnings of 29 cents per share, in line with the Zacks Consensus Estimate. Reported earnings, however, plunged 63.3% from the year-ago tally of 79 cents per share.
Total Revenue
Canadian Solar recorded total revenue of $657.3 million in the third quarter, missing the Zacks Consensus Estimate of $680 million by 3.3%. Revenues were also down 22.7% from $849.8 million reported in the prior-year quarter.
Of the total revenue, the American markets comprised 41.1%, Asia represented 42.7%, and the European and other markets contributed 16.2%, compared with the respective year-ago contributions of 52.6%, 41.3% and 6.1%.
Operational Update
Solar module shipments in the reported quarter totaled 1,161 megawatts (“MW”), up 1% from the year-ago level of 1,150 MW. The figure, however, fell short of management’s guidance range of 1,200–1,300 MW.
Gross profit was $117.3 million, down 7.5% from the year-ago level of $126.8 million. Gross margin was 17.8% in the quarter, compared with 14.9% in the prior-year quarter.
Total operating expenses were $90.3 million in the quarter, down 5.9% year over year. Operating expenses declined due to lower selling, general and administrative expenses.
Selling expenses totaled $34.0 million in the reported quarter, down 8.8%. General and administrative expenses were $54.6 million, down 5.4%. Research and development expenses were $4.6 million, compared with $4.1 million a year ago.
Interest expenses were $18.8 million, up from the year-ago level of $13.0 million.
CANADIAN SOLAR Price, Consensus and EPS Surprise
Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.