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Canadian Solar Shares Down 4% Following Q1 Earnings
May 26, 2022 1:55 AM - Davit Kirakosyan
Image credit: FMP
Canadian Solar Inc. (NASDAQ:CSIQ) shares dropped more than 4% today following the company’s reported Q1 results, with EPS of $0.14 coming in better than the consensus estimate of ($0.13). Revenue was $1.25 billion, compared to the consensus estimate of $1.31 billion.
The company announced plans to increase vertical integration as it continues to see demand growing. Management estimates that global solar demand will double from 2019 levels in 2022, reaching 200GW.
With its target of 15% market share, analysts at Oppenheimer believe the company is prudent to actively manage its cost structure and control additional elements of its supply chain. The analysts mentioned they are encouraged by energy storage project pipeline growth as they expect storage to prove a meaningful earnings contributor going forward, particularly in Latin America, where they expect grid stability services to be at a premium.
The company also provided guidance for Q2 well ahead of Street expectations. Quarterly revenue is expected to range from $2.2 billion to $2.3 billion.
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