Benzinga -
- 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.