Canadian Solar (CSIQ) shares fell after the company reported the second-quarter earnings and revenue that failed to meet the consensus estimates. The company posted earnings of $0.26 per share on revenue of $650.6 million. The company also cut its outlook for 2018.
Shares of the company fell about 5% in the early trading hours. However, the stock recovered after the market opened, but still continued to trade in the negative territory.
Dr. Shawn Qu, CEO said, “Our second quarter revenue was affected by the deferral of several project sales as well as an industry wide lower average module selling price. The solar policy change in China effective on May 31, 2018, has caused a significant disruption in China, and the global solar industry.”
Solar module shipments during the quarter were 1,700 megawatts (MW), compared to 1,374 MW in the Q1 2018, and Q2 2018 guidance in the range of 1,500 MW to 1,600 MW.
During Q2, the solar power company recorded a loss on the change in fair value of derivatives of $7.6 million, compared to a loss of $1.8 million in the prior year quarter. Foreign exchange loss was $2.5 million, compared to $11.6 million in the prior year period.
For Q3 2018, the company expects total solar module shipments to be in the range of 1.5 GW to 1.6 GW. Total revenue is expected to be in the range of $790 million to $840 million. Gross margin is expected to be between 20% and 23%.
Canadian Solar cut its full-year 2018 outlook. Total module shipment is expected to be in the range of 6.0 GW to 6.2 GW, compared to the previous estimate of 6.6-7.1 GW. Revenue is estimated to be in the range of $4.0 billion to $4.2 billion, compared to the prior estimate of $4.4 billion to $4.6 billion.
“The revision of our annual guidance is in-line with the broader industry and mainly reflects the expected reduction of shipment volumes to the Chinese market in the second half of the year, as well as the expected lower solar module average selling price,” said CEO Shawn Qu.
Intuit Inc (NASDAQ: INTU) reported the quarterly financial results for its third quarter of fiscal 2020 after the regular trading hours on Thursday. The company missed analysts' estimates for the
Hewlett Packard Enterprise Company (NYSE: HPE) reported its financial results for the quarter ended April 30, 2020, on Thursday after the market closes. The results missed analysts' expectations. The company
Take-Two Interactive Software Inc. (NASDAQ: TTWO) had a particularly strong Q4 2020 with revenue growth in the double-digits and profits up 116%. The restrictions brought on by the COVID-19 health