Canadian Solar Registers 57% Revenue Growth In Q3 Aided By Solar Shipment Volumes & ASP

Canadian Solar Inc (NASDAQ:CSIQ) reported third-quarter FY22 revenue growth of 57% year-on-year to $1.93 billion, missing the consensus of $2.07…
  • Canadian Solar Inc (NASDAQ:CSIQ) reported third-quarter FY22 revenue growth of 57% year-on-year to $1.93 billion, missing the consensus of $2.07 billion. 
  • Higher solar shipment volumes and average selling price (ASP) drove the growth.
  • CSIQ’s Q3 revenue declined 16% sequentially. Solar module shipments were 6.0 GW, up 62% Y/Y.
  • Margin: The gross margin expanded 220 bps to 17.3%.
  • EPS of $1.12 beat the consensus of $0.49.
  • Canadian Solar generated $68 million in operating cash flow and held $1.95 billion in cash and equivalents.
  • Carve-out IPO of CSI Solar Co, Ltd is back on track awaiting completion of CSRC registration.
  • Outlook: Canadian Solar sees Q4 revenue of $1.8 billion – $1.9 billion, below the consensus of $2.11 billion.  
  • Total module shipments recognized as revenues by CSI Solar will likely be 6.0 GW – 6.3 GW.
  • CSI Solar’s total battery storage shipments will be 1.8 GWh – 1.9 GWh for FY22.
  • Earlier, Canadian Solar shared the FY22 revenue guidance of $7.5 billion – $8.0 billion. 
  • The company expects total module shipments to be 30 GW – 35 GW for FY23.
  • Price Action: CSIQ shares traded higher by 3.80% at $38.00 in the premarket session on the last check Tuesday.
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