Canadian Solar Slips To Loss In Q3, Results Miss Estimates; Guides Q4 Revenues Well Below View

Canadian Solar

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Kaufen / Verkaufen

(RTTNews) - Canadian Solar, Inc. (CSIQ) reported Thursday a net loss attributable to Canadian Solar for the third quarter of $14.03 million or $0.31 per share, compared to net income of $21.89 million or $0.32 per share in the prior-year quarter.

On average, four analysts expected the company to report a loss of $0.12 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Net revenues for the quarter decreased 18 percent to $1.51 billion from $1.85 billion in the same quarter last year. Analysts expected revenues of $1.71 billion for the quarter.

Total module shipments recognized as revenues grew 1 percent to 8.4 GW, off which 31 MW were shipped to the Company's own utility-scale solar power projects.

Looking ahead for the fourth quarter of fiscal 2024, the company expects total revenue to be in the range of $1.5 billion to $1.7 billion. Analysts expect revenues of $2.14 billion for the quarter.

Total module shipments recognized as revenues by CSI Solar for the fourth quarter are expected to be in the range of 8.0 GW to 8.5 GW.

For fiscal 2025, the Company now expects total module shipments to be in the range of 30 GW to 35 GW.

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