Shipment company

Canadian Solar Registries grew revenue 57% in Q3, helped by solar shipment volumes and ASP

  • Canadian Solar Inc. (NASDAQ: CSIQ) posted 57% year-over-year revenue growth to $1.93 billion in the third quarter of FY22, miss the $2.07 billion consensus.

  • Higher solar shipment volumes and average selling price (ASP) drove growth.

  • CSIQ’s third-quarter revenue fell 16% sequentially. Solar module shipments were 6.0 GW, up 62% year-on-year.

  • Margin: Gross margin increased by 220 basis points 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 cash equivalents.

  • The separate IPO of CSI Solar Co, Ltd is back on track pending the completion of CSRC registration.

  • Outlook: Canadian Solar forecast fourth-quarter revenue of $1.8 billion to $1.9 billion, below consensus of $2.11 billion.

  • Total module shipments counted as revenue by CSI Solar will likely be 6.0 GW to 6.3 GW.

  • CSI Solar’s total battery storage shipments will be 1.8 GWh to 1.9 GWh for FY22.

  • Earlier, Canadian Solar shared fiscal 22 revenue guidance for $7.5 billion – $8.0 billion.

  • The company expects total module shipments to be 30 GW to 35 GW for FY23.

  • Price action: Shares of CSIQ traded up 3.80% at $38.00 in the premarket session last check on Tuesday.

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