Solar power company Canadian Solar (CSIQ) reported first-quarter earnings results that beat Wall Street expectations on both the top and bottom lines. Despite the upbeat results, the company’s share fell 3.51% during pre-market trading.
The company, which recently completed the sale of a solar energy project in Brazil, reported earnings of $0.72 per share, easily surpassing analysts’ estimate of $0.47 per share. The total revenue during the quarter more than doubled to $1.42 billion, above the street consensus of about $1.33 billion. Solar module shipments in the first quarter of 2018 were 1,374 megawatts (MW).
Canadian Solar recorded a gain on change in fair value of derivatives in the first quarter of 2018 of $4.5 million, compared to a loss of $7.8 million in the first quarter of 2017. Foreign exchange loss was $8.5 million, compared to a gain of $14.2 million in the prior year period.
For the second quarter, the company expects the total solar module shipments to be in the range of approx. 1.50 – 1.60 Gigawatt (GW). Revenue is expected to be in the range of $690 million to $730 million.
On May 14, Canadian Solar acquired the rights to an 8MW greenfield development project portfolio in South Korea.
Dr. Shawn Qu, Chairman and CEO said, “We expect a shift in global demand to developing markets to offset China, India and the US. We also expect demand in other markets to improve, including Europe, Africa, Argentina and Mexico. These trends align themselves with the company’s global footprint and should serve as a catalyst for continued growth.”
Most Popular
CL Earnings: Key quarterly highlights from Colgate-Palmolive’s Q2 2024 financial results
Colgate-Palmolive Company (NYSE: CL) reported its second quarter 2024 earnings results today. Net sales increased 4.9% year-over-year to $5 billion. Organic sales increased 9%. Net income attributable to Colgate-Palmolive Company was $731
Key takeaways from Visa’s Q3 2024 earnings report
Credit card behemoth Visa, Inc. (NYSE: V) this week reported mixed results for the June quarter, with earnings matching expectations and sales slightly missing the view. Both numbers grew in
Southwest Airlines (LUV): A look at the airline’s performance in Q2 2024
Shares of Southwest Airlines Co. (NYSE: LUV) were up over 6% on Thursday after the company beat earnings estimates for the second quarter of 2024. The stock has gained 4%