Canadian Solar Inc. (CSIQ) topped market estimates on earnings for the third quarter of 2018 but missed the mark on revenue. Total revenue dropped 15.8% year-over-year to $768 million, missing the consensus estimate of $806 million. The stock was down 1.5% during premarket hours on Thursday.
Net income attributable to Canadian Solar improved to $66.5 million, or $1.09 per share, from $13.3 million, or $0.22 per share, last year. Analysts had projected earnings of $0.46 per share.
Total solar module shipments in the third quarter were 1,590 MW, in line with the company’s guidance of 1,500 MW to 1,600 MW. The shipments included 180 MW shipped to the company’s projects. Solar module shipments recognized in revenue during the quarter totaled 1,521 MW compared to 1,782 MW in the prior-year period.
During the quarter, Canadian Solar sold solar power plants totaling 103 MWp, including 64 MWp in Japan. The company’s portfolio of utility-scale solar power plants in operation was approx. 1.1 GWp with an estimated total resale value of around $1.23 billion.
For the fourth quarter of 2018, Canadian Solar expects revenue to be in the range of $690 million to $800 million. The company expects revenue to be in the range of $3.53 billion to $3.64 billion for the full year of 2018.
For the fourth quarter, total solar module shipments are expected to be in the range of 1.67 GW to 1.72 GW, including approx. 170 MW of shipments to the company’s utility scale, solar power projects that may not be recognized as revenue in the fourth quarter.