Shares of solar energy solutions provider Canadian Solar (NASDAQ:CSIQ) are rising at the time of publishing today after the company announced first-quarter numbers.
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Revenue rose 36% year-over-year to $1.7 billion but missed consensus estimates by $10 million. EPS at $1.19, on the other hand, landed past expectations by $0.58. During the quarter, solar module shipments rose by a whopping 66% year-over-year to 6.1 GW.
At the end of March 2023, the company’s pipeline included 25 GWp of solar development and 47 GWh of battery storage development. Additionally, its bottom line was aided by lower input, manufacturing processing, and logistics costs during this period.
Looking ahead, for Q2, revenue is anticipated between $2.4 billion and $2.6 billion. Total module shipments are expected between 8.1 GW and 8.4 GW.
For the full-year 2023, revenue is expected to hover between $9 billion and $9.5 Billion (earlier outlook between $8.5 billion and $9.5 billion).
Shares of the company have gained 42% over the past year already. At the same time, short interest in the stock currently stands at about 7.5%.
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