Canadian Solar (CSIQ) Reports Global Module Shipment For 2018

Canadian Solar Inc. (NASDAQ:CSIQ) announced that as of Dec 31, 2018, it has supplied 2.6 gigawatt (GW) high efficiency anti-LeTID Passivated Emitter and Rear Cell (PERC) solar modules worldwide.

Solar modules with PERC technology improve efficiency compared with the standard modules with aluminum back surface field (Al BSF) cells. Notably, Canadian Solar is one of the few solar cell and module manufacturers who have mastered the PERC technology to mitigate and control the LeTID in large scale production process. The company aims to convert all cell capacities into PERC technology in 2019.

Canadian Solar has shipped 27 GW of PV modules in the last 17 years and continues to expand global operation through its active 1,200 customers worldwide.

International Portfolio

The company caters to a geographically-diverse customer base spread across key markets in the United States, China, Japan, the U.K. and Canada as well as emerging market opportunities in Brazil, India, Mexico, South Africa and the Middle East. Of late, the company has further expanded global late-stage project pipeline into nations like Argentina, Australia and South Korea, considering the expected next phase of industrial growth in these markets.

Canadian Solar has a strong pipeline of projects and carries out various acquisitions and strategies to consolidate its position. Its advanced solar module technologies combined with LeTID PERC are expected to strengthen company’s foothold in the solar market.

Focus in U.S Renewables

The company is significantly boosting footprint in the United States. Notably, Canadian Solar’s portfolio stands at 340.1 MW of operating plants at the end of October 2018 in the United States.

The U.S. Energy Information Administration (EIA) expects average U.S. solar generation will rise from 268,000 MWh/d in 2018 to 303,000 MWh/d in 2019.

Price Movement

In the past 12 months, shares of Canadian Solar have outperformed the industry. The stock has increased 6.4%, against the industry’s decline of 20.9%.

Zacks Rank & Other Stocks to Consider

Canadian Solar sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

A few other top-ranked stocks from the same sector are Azure Power Global Ltd (NYSE:AZRE) , Renesola Ltd (NYSE:SOL) and CNX Resources Corporation. (NYSE:CNX) .

Azure Power Global sports a Zacks Rank #1. Renesola and CNX Resources hold a Zacks Rank #2.

Average earnings surprise in the last four quarters of Azure Power Global, Renesola and SunPower are 76.07%, 377.78% and 141.12%, respectively.

The Zacks Consensus Estimate for 2019 earnings of Azure Power Global, Renesola and SunPower moved up 20.8%, 3.0% and 76.7% in the past 90 days, respectively.

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