Canadian Solar Trades Higher After Q2 Earnings Beat
Canadian Solar (NASDAQ: CSIQ) reported second-quarter EPS of 77 cents, which beat the analyst consensus of 30 cents. The company reported sales $1.036 billion versus the $990.29 million estimate.
Canadian Solar reported total solar module shipments were 2,143 MW, compared to 1,575 MW in the first-quarter of 2019 and second-quarter 2019 guidance of 1.95 GW to 2.05 GW.
As of July 31, the company's portfolio of utility-scale solar power plants in operation was 795.8 MWp with an estimated total resale value of approximately $1 billion.
"Canadian Solar's strong Q2 financial performance is principally due to the resiliency of our business model and our team's solid execution of the business plan,” said CEO Shawn Qu. “Our focus on achieving improved operating efficiencies with reduced manufacturing costs across global operations, while continuing to invest in R&D to ensure long-term success, puts us in the most competitive position in the Company's history. Overall, we are incrementally more positive in the outlook for the second half of 2019 based on the improved visibility, healthy demand levels in key markets, more stable average selling prices and higher capacity utilization levels."
Canadian Solar shares were trading up 13.11% at $23.30 in Thursday’s pre-market session. The stock has a 52-week high of $25.89 and a 52-week low of $12.30.
Related Links:
Xunlei Shares Higher On Q2 Earnings
Canada Goose Falls On Q1 Earnings
See more from Benzinga
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
