Shares of Canadian Solar (NASDAQ: CSIQ) soared by more than 10% in morning trading on Tuesday after the solar technology and renewable energy company reported Q4 earnings of $1.11 per diluted share versus $0.39 in the same period last year and surpassing consensus estimates of $0.7 per share.
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Sales increased by 29% year-over-year to $1.97 billion above its guidance in the range of $1.8 billion to $1.9 billion versus analysts’ expectations of $1.92 billion.
Looking forward, management now expects Q1 revenues to be between $1.6 billion to $1.8 billion versus consensus estimates of $1.75 billion while gross margin is projected to be between 18% and 20%. For FY23, CSIQ anticipates revenues to range from $8.5 billion to $9.5 billion, falling short of analysts’ estimates of $9.7 billion.
The Q4 earnings surprise aside, Wall Street analysts remain bearish on CSIQ stock with a Moderate Sell rating based on two Holds and two Sells each.
