Canadian Photo voltaic, Inc. CSIQ reported first-quarter 2024 earnings of 19 cents per share, which surpassed the Zacks Consensus Estimate of a lack of 34 cents. Nevertheless, the underside line declined 84% from the first-quarter 2023 reported determine of $1.19 per share.
Revenues
Canadian Photo voltaic reported revenues of $1.33 billion within the first quarter, which surpassed the Zacks Consensus Estimate by 4.2%. Nevertheless, the highest line declined 21.9% from the year-ago quarter’s determine of $1.70 billion. This lower was primarily as a result of a decline within the common promoting value for CSIQ’s modules.
Operational Replace
Photo voltaic module shipments within the quarter totaled 6.3 gigawatts (GW), which got here inside the firm’s earlier introduced steering vary of 6.1-6.4 GW. This contains 236 megawatts of the corporate’s utility-scale solar energy initiatives. Complete module shipments elevated 4% on a year-over-year foundation.
Canadian Photo voltaic’s gross margin was 19% within the quarter, which stays on the excessive finish of the 17%-19% steering vary. The gross margin improved 30 foundation factors yr over yr, pushed by decrease manufacturing prices and a better margin contribution from battery vitality storage options gross sales.
Complete working bills had been $204 million, up 18.6% yr over yr.
Depreciation and amortization costs had been $110 million, up from the $68 million recorded within the year-ago interval. The rise was because of the firm’s continued investments in vertical integration and incremental capability growth.
Monetary Replace
As of Mar 31, 2024, Canadian Photo voltaic’s money and money equivalents totaled $2.08 billion, up from $1.94 billion on Dec 31, 2023.
Lengthy-term borrowings as of Mar 31, 2024 had been $1.59 billion, up from $1.27 billion on Dec 31, 2023.
Q2 Steerage
For the second quarter of 2024, Canadian Photo voltaic expects complete module shipments within the vary of seven.5-8.0 GW, together with roughly 100 MW of module shipments for its initiatives.
Complete revenues are anticipated within the vary of $1.5-$1.7 billion. The Zacks Consensus Estimate for second-quarter gross sales is pegged at $2.08 billion, a lot greater than the corporate’s guided vary.
The corporate expects gross margin to be between 16% and 18%.
Complete battery vitality storage shipments by CSI Photo voltaic within the second quarter are anticipated between 1.4 gigawatt-hours (GWh) and 1.6 GWh.
Zacks Rank
Canadian Photo voltaic at the moment carries a Zacks Rank #3 (Maintain).
Latest Photo voltaic Releases
Enphase Power, Inc. ENPH reported first-quarter 2024 adjusted earnings of 35 cents per share, highlighting a 74.5% decline from $1.37 reported within the prior-year quarter. The underside line additionally lagged the Zacks Consensus Estimate of 42 cents per share by 16.7%.
ENPH’s first-quarter revenues of $263.3 million missed the Zacks Consensus Estimate of $284 million. The highest line additionally declined 63.7% from the prior-year quarter’s reported determine of $726 million.
Sunnova Power NOVA reported a first-quarter 2024 lack of 57 cents per share, highlighting an enchancment from the lack of 70 cents per share reported within the prior-year quarter. The underside line additionally got here in narrower than the Zacks Consensus Estimate of a lack of 79 cents per share.
NOVA’s first-quarter revenues of $160.9 million missed the Zacks Consensus Estimate of $198 million. The highest line additionally slipped 0.5% from the prior-year quarter’s reported determine of $161.7 million.
SolarEdge Applied sciences, Inc. SEDG reported a first-quarter 2024 adjusted lack of $1.90 per share, wider than the Zacks Consensus Estimate of a lack of $1.58. The underside line additionally deteriorated from the prior-year quarter’s reported earnings of $2.90 per share.
The corporate’s quarterly revenues of $204.4 million surpassed the Zacks Consensus Estimate by 4.9%. Nevertheless, the highest line declined 78.3% from the year-ago quarter’s determine of $943.9 million.
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