Upcoming AWS Coverage on JinkoSolar Holding Post-Earnings Results
LONDON, UK / ACCESSWIRE / April 3, 2017 / Active Wall St. announces its post-earnings coverage on Canadian Solar Inc. (NASDAQ: CSIQ). The Company reported its financial results for the fourth quarter fiscal 2016 (Q4 FY16) and full year 2016 (FY16) on March 21, 2017. The Guelph, Ontario-based Company's net revenues fell on a year-over-year basis. Register with us now for your free membership at:
One of Canadian Solar's competitors within the Semiconductor - Specialized space, JinkoSolar Holding Co., Ltd. (NYSE: JKS), reported on February 27, 2017, its unaudited financial results for the fourth quarter and full year ended December 31, 2016. AWS will be initiating a research report on JinkoSolar in the coming days.
Today, AWS is promoting its earnings coverage on CSIQ; touching on JKS. Get our free coverage by signing up to
In Q4 FY16, Canadian Solar reported net revenues of $668.43 million compared to $1.12 billion recorded at the end of Q4 FY15. Furthermore, net revenues numbers for the reported quarter lagged behind market expectations of $679 million. Meanwhile, Q4 FY16's net revenue came in within the Company's guidance in the range of $600 million to $750 million.
The solar power Company reported net loss attributable to Canadian Solar of $13.33 million, or $0.23 loss per diluted share, in Q4 FY16 against net earnings attributable to Canadian Solar of $62.30 million, or $1.05 per diluted common share, in Q4 FY15. Moreover, the Company's non-GAAP net income attributable to Canadian Solar for Q4 FY16 came in at $14.17 million, or $0.24 per diluted share, falling short of market consensus estimates of $0.29 per diluted share.
Canadian Solar's full year FY16 net revenues fell to $2.85 billion from $3.47 billion in FY15. The Company's reported net income attributable to Canadian Solar of $65.25 million, or $1.12 per diluted share, in FY16 compared to $171.86 million, or $2.93 per diluted share, in FY15. Furthermore, non-GAAP net income attributable to Canadian Solar for FY16 came in at $92.74 million, or $1.60 per diluted share.
Canadian Solar's gross profit fell during Q4 FY16 to $48.96 million from $200.45 million in the past year's comparable quarter. Meanwhile, gross margin for Q4 FY16 was 7.3% compared to 17.9% in the year ago same quarter. The Company's net total operating expenses during Q4 FY16 was $60.72 million, down 36.2% from $95.17 million in the prior year's comparable quarter. Furthermore, the Company reported loss from operations of $11.76 million during Q4 FY16 against income from operations of $105.28 million in last year's corresponding quarter.
During Q4 FY16, total solar module shipments set a record at 1,612 MW, of which 1,581 MW were recognized in revenue, and came in above the Company's guidance in the range of 1,400 MW to 1,500 MW.
The Company's net revenues in the Americas region declined to $138.1 million in Q4 FY16 from $581.0 million in Q4 FY15. Moreover, shares of the Americas region in the Company's total net revenues fell to 20.7% in Q4 FY16 from 51.9% in prior year's same quarter.
Net revenues from Asia region was also down to $419.3 million in Q4 FY16 from $460.2 million in Q4 FY15. However, the region's share in the Company's total net revenues rose to 62.7% in Q4 FY16 from 41.1% in Q4 FY15.
Meanwhile, Europe and Others region's net revenues increased during Q4 FY16 to $111.0 million from $79.1 million in Q4 FY15. Furthermore, the regions share in the Company's total net revenues increased to 16.6% in Q4 FY16 from 7.0% in Q4 FY15.
The Company had cash and cash equivalent balance of $511.04 million as December 31, 2016, compared to $553.08 million, at the close of books on December 31, 2015. Furthermore, the Company's long-term borrowing as on December 31, 2016 stood at $493.46 million compared to $606.58 million as on December 31, 2015.
In its guidance for full year 2017, Canadian Solar expects total module shipments to be in the range of approximately 6.5 GW to 7.0 GW, with approximately 6.17 GW recognized in revenue. The Company forecasts total revenue during FY17 to be in the range of $4.0 billion to $4.2 billion.
For Q1 FY17, the Company anticipates total solar module shipments to be in the range of approximately 1.15 GW to 1.2 GW. Total revenue for Q1 FY17 is estimated to be in the range of $570 million to $590 million. Furthermore, gross margin during Q1 FY17 is projected to be between 13% and 15%.
At the close of trading session on Friday, March 31, 2017, Canadian Solar's stock price advanced 3.90% to end the day at $12.27. A total volume of 1.48 million shares were exchanged during the session, which was above the 3-month average volume of 1.32 million shares. The stock currently has a market cap of $689.82 million and has a PE ratio of 11.26.
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