Canadian Solar (CSIQ) Q3 Earnings Top Estimates, Revenues Lag
Zacks Investment Research | Nov 14, 2018 10:04PM ET
Canadian Solar Inc. (NASDAQ:CSIQ) reported third-quarter 2018 earnings of $1.09 per share, which outpaced the Zacks Consensus Estimate of 46 cents by a massive 137%. The company reported earnings of 22 cents per share in the year-ago quarter.
Total Revenues
In the reported quarter, total revenues of this solar cell manufacturer came in at $768 million, which missed the Zacks Consensus Estimate of $806.1 million by 4.7%. Further, the top line declined 15.8% from $912.2 million reported in third-quarter 2017.
Operational Update
Solar module shipments in the quarter totaled 1,590 megawatts (MW), down 6.5% from the second quarter’s shipment of 1,700 MW. The figure came within management’s guided range of 1.50-1.60 gigawatt (GW).
Gross profit was $200.4 million, up 25.4% from the year-ago level of $159.8 million. Gross margin was 25% in the quarter (excluding the CVD reversal benefits). Including the benefits, gross margin was 26.1% compared with 17.5% in the third quarter of 2017.
Canadian Solar Inc. Price, Consensus and EPS Surprise/h3
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