Canadian Solar Inc. (NASDAQ: CSIQ) released its fiscal fourth-quarter financial results before the markets opened on Monday. The company said that it had $1.01 in earnings per share (EPS) on $1.11 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $0.96 in EPS on revenue of $1.14 billion. The same period of last year reportedly had EPS of $0.24 and $668.43 million in revenue.
Total solar module shipments for the quarter were 1,831 megawatts (MW), compared to 1,870 MW in the third quarter of 2017, and fourth quarter guidance in the range of 1,720 MW to 1,820 MW.
Net revenue from the total solutions business as a percentage of total net revenue was 36.4%, up from 21.6% sequentially.
During the quarter, Canadian Solar completed the sale of 13 solar power plants totaling 72.7 MWp in Japan to Canadian Solar Infrastructure Fund for approximately $270 million. The firm’s portfolio of solar power plants in operation was approximately 1.2 GWp at the end of the period.
Looking ahead to the first quarter, the company expects total solar module shipments to be in the range of approximately 1.30 GW to 1.35 GW, with revenues in the range of $1.37 billion to $1.40 billion. The consensus estimates call for $0.20 in EPS on $1.13 billion in revenue for the coming quarter.
On the books, Canadian Solar cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.19 billion, compared to $1.15 billion at the end of the third quarter of 2017.
Dr. Shawn Qu, board chair and chief executive of Canadian Solar, commented:
Our record-high solar module shipments for the full year 2017 were driven by strong demand from China, India, Europe and the United States. We are also pleased with the impressive project sale momentum we achieved, led by demand for our highly-attractive project assets, which we have carefully built up over the past few years in key markets worldwide. We remain focused on securing a competitive return on all of our project investments; and redeploying the capital received into new project opportunities, while also paying down our debt as we continue to build shareholder value.
Shares of Canadian Solar up 6.8% to $16.55 early Monday, with a consensus analyst price target of $19.84 and a 52-week range of $10.86 to $19.09.
24/7 Wall St.Are You Ahead, or Behind on Retirement? (sponsor)
If you’re one of the over 4 Million Americans set to retire this year, you may want to pay attention.
Finding a financial advisor who puts your interest first can be the difference between a rich retirement and barely getting by, and today it’s easier than ever. SmartAsset’s free tool matches you with up to three fiduciary financial advisors that serve your area in minutes. Each advisor has been carefully vetted, and must act in your best interests. Start your search now.
Don’t waste another minute; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.