Canadian Solar Shares Rise Despite Earnings, Revenue Miss -Breaking
Investing.com — Canadian Solar Inc (NASDAQ:) announced its fourth-quarter and full-year earnings on Thursday, with its shares gaining 3.11% after the report.
Revenue forecasts and earnings per share were both missed by the company. Revenue was $1.53billion. This is below the analyst estimate of $1.59billion. Additionally, earnings per share fell to 17 cents, compared with 42 cents in analyst estimates.
Solar module shipments were 3.8 GW, in accordance with the company’s guidance between 3.7 GW & 3.9 GW.
Manufacturer of solar project reported that full-year revenues increased by 52%, to $5.3 Billion. Net income was $95 Million for 2021.
Shawn Qu (chairman and CEO, Canadian Solar) stated that the company ended 2021 with a strong note. They achieved 47% revenue growth year-over-year and nearly 20% gross margins in the fourth quarter. We have been consistently ranked among the top five global module manufacturers for the last ten years and we are the pioneers of many solar crystalline PV technology innovations as well as new business models over this period.
According to the company, project sales are expected to grow by 20% annually until 2025 for the first quarter 2022. The company expects total revenues to range from $1.25 billion up to $1.35 trillion.
The company expects that revenues will be between $7 billion and $7.5 billion over the course of the year. That’s an increase on the $6.5 billion to $7B guidance.
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