AllThingsD » Canadian Solar

Canadian Solar: Q3 EPS Light; Sees Q4 Revenue Collapse

Eric Savitz — Fri, 21 Nov 2008 12:20:15 +0000

Canadian Solar (CSIQ) this morning forecast a dramatic drop in revenues for the fourth quarter as the solar sector continues to struggle with falling demand.

For Q3, the company posted revenue of $252.4 million, above the Street at $248 million. But profits of 41 cents a share were 13 cents short of the Street consensus of 54 cents.

The shocker is the guidance: For Q4, the company now sees revenue of $70 to $85 million, just a fraction of the Street consensus of $270.1 million. For the full year, the company now sees revenue of $650 million to $750 million, well below the Street at $901.9 million.

In a statement, the company said that “given the uncertainty of project and customers’ financing coupled with softening solar market demand in Europe and USA at the year-end, the company has shifted its short-term operational emphasis to preserving cash and minimizing risk from the credit environment.”

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Canadian Solar: Collins Stewart Cuts Rating, Estimates; Cites "Harsh Pricing Environment"

Eric Savitz — Fri, 14 Nov 2008 18:30:59 +0000

Collins Stewart solar analyst Daniel Ries today cut his rating on Canadian Solar (CSIQ) to Hold from Buy, and slashed EPS estimates, citing “the harsh pricing environment” in the solar sector. He now sees 2008 EPS of $1.85, down from $2.18. But the real change is for 2009: He goes to $1.74, from $2.94.

Ries notes that European buyers are demanding substantially lower prices. “This presents a challenge for CSIQ, as it is a competitive company but not a low cost producer at this point,” he writes.

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Canadian Solar Swoons Despite Beat-And-Raise Q2

Eric Savitz — Wed, 13 Aug 2008 14:24:47 +0000

Canadian Solar (CSIQ) shares are taking a pounding this morning despite a beat-and-raise Q2 earnings report.

For the quarter, the the solar module producer posted revenue of $212.6 million, ahead of the Street at $206.8 million. Profits were 36 cents a share GAAP, 78 cents non-GAAP; the Street had been at 29 cents and 47 cents, respectively.

For Q3, CSIQ sees revenue of $245 million to $255 million, with non-GAAP profits of $24 million to $25 million; if you use the same share count as in Q2, you get EPS of 82-85 cents. The Street has been looking for $247.6 million and 56 cents.

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Canadian Solar Ups Q2 Guidance; Stock Soars

Eric Savitz — Mon, 14 Jul 2008 15:24:18 +0000

Canadian Solar (CSIQ) shares are sharply higher this morning after the company said second-quarter results blew past previous guidance. The company now says Q2 revenue was $210 million to $214 million, above its previous forecast range of $185 million to $190 million. Gross profit is expected to hit $33 to $35 million. The company shipped 47 megawatts of solar module products in the quarter.

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