- Canadian Solar Inc (NASDAQ:CSIQ) reported first-quarter FY22 revenue growth of 15% year-on-year to $1.25 billion, missing the consensus of $1.31 billion. Higher solar shipment volumes and ASP and a significant increase in the battery storage solutions business drove the growth.
- Solar module shipments of 3.63 GW, up 42% Y/Y, were in line with its 3.6 GW - 3.8 GW guidance.
- Margin: The gross margin expanded 480 bps to 14.5%, in line with the company guidance of 14.5% - 15.5%.
- EPS of $0.14 beat the consensus loss of $(0.13).
- Canadian Solar generated $159 million in operating cash flow and held $1.7 billion in cash and equivalents.
- Dr. Shawn Qu, Chairman, and CEO, commented, "First quarter 2022 shipments, revenue, and gross margin all came in as expected, despite the challenging operating environment."
- Outlook: Canadian Solar sees Q2 revenue of $2.2 billion - $2.3 billion, above the consensus of $1.75 billion.
- Canadian Solar reiterated the FY22 revenue guidance of $7.0 billion - $7.5 billion versus the consensus of $7.23 billion.
- Price Action: CSIQ shares traded lower by 0.58% at $28.97 in the premarket session on the last check Tuesday.
