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Canadian Solar Beats Estimates, Stock Heads Up $CSIQ

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I meant to  get this out yesterday, but battling a nasty cold so sleep was a priority.  Anyhoo Canadian Solar (CSIQ) reported better than expected results, beating on both the EPS and revenue side.  The company reported an EPSof .47/share vs the analyst estimate of .43 on revenues of $377 millionvs the analyst estimate of $347 million.  The EPS number is 32% lowerthan the year ago quarter, but that was a record quarter.  Sequentially, it represents the 3rd straight quarter of improvement.  Revenuesincreased 77% over the year ago quarter. Gross margins came in higherthan expected at 17.3% vs the company estimate of 14.5 – 15.5%.

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Dr. Shawn Qu, Chairman and CEO, remarked: “This was a strongquarter for us, marked with shipment volumes at the high end ofexpectations and a better-than-expected gross margin. The increase in3Q10 revenues compared to 2Q10 was driven by strong demand in all ourkey markets, including Europe, Asia Pacific and North America, strongselling prices, revenues from solar systems sales and higher prices from our premium product sales. Our results also benefitted from operational improvements. Our internal cell production contributed 130 MW, aboveour expected 127 MW, along with the contribution of 37 MW of internallyproduced wafers, which was in line with our expectations. Averagenon-silicon processing costs declined modestly in September. Silicon raw materials prices appear to have peaked in September and October and are now beginning to stabilize, while the prices of most other rawmaterials have been and remain stable.”

Looking ahead, the company is forecasting Q4 shipments at 220 –230MW and gross margins at 17 – 18%.  For 2011, they see shipments inthe range of 1.2 – 1.3GW and gross margins at 18 – 19%.

Shares of CSIQ saw an initial pop yesterday before reversing, but are moving up again this morning about 7%. 

Canadian Solar (CSIQ) Beats, Shares Recovering


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