Canadian Solar Margins Shrink In Q3, Stock Slides

Canadian Solar Inc. (NASDAQ:CSIQ) shares are trading lower after the company reported third-quarter 2024 results below street expectations.

The company reported an 18% year-over-year revenue decline to $1.51 billion, missing the consensus estimate of $1.71 billion. The decline reflects lower module ASPs and reduced project sales, partially offset by increased sales of battery energy storage solutions and higher solar module shipment volumes.

The gross margin declined 20% YoY to $247.44 million and 30 bps to 16.4%. Lower module ASPs, partially offset by reduced manufacturing costs and stronger margins from battery storage sales, drove the decline.

Total module shipments recognized as revenue in Q3 reached 8.4 GW, increasing 2% sequentially and 1% YoY. This total includes 31 MW delivered to the company’s utility-scale solar projects.

EPS for the quarter was a 31 cents loss, down from an income of 33 cents a year ago, missing the analyst consensus of 12 cents loss.

Operating cash outflow for ...

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