- Canadian Solar Inc (NASDAQ:CSIQ) reported first-quarter FY23 revenue growth of 36% year-on-year to $1.70 billion, almost in-line with the consensus of $1.71 billion. Higher solar shipment volumes drove the growth.
- CSIQ’s Q1 revenue declined by 14% sequentially due to the expected decline in module average selling price (“ASP”), lower solar module shipment volume due to seasonality, and lower project sales. Solar module shipments were 6.1 GW, up 66% Y/Y.
- Margin: The gross margin increased by 420 bps to 18.7%, driven by lower manufacturing costs, partially offset by lower module ASPs.
- EPS of $1.19 beat the consensus of $0.61. Canadian Solar generated $47 million in operating cash flow and held $2.06 billion in cash and equivalents.
- Outlook: Canadian Solar expects Q2 revenue of $2.4 billion – $2.6 billion (consensus $2.31 billion).
- Total module shipments recognized as revenues by CSI Solar will likely be 8.1 GW – 8.4 GW.
- Canadian Solar raised FY23 revenue to $9.0 billion – $9.5 billion, up from the prior $8.5 billion – $9.5 billion (consensus $9.22 billion).
- The company reiterates CSI Solar’s total module shipments of 30 GW – 35 GW and battery storage shipments of 1.8 GWh – 2.0 GWh.
- Price Action: CSIQ shares traded higher by 6.56% at $41.26 in the premarket session on the last check Thursday.
- Photo via Wikimedia Commons
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