Canadian Solar Q1 Earnings Beat, Revenues Fall Y/Y
Canadian Solar, Inc. (NASDAQ: CSIQ) reported first-quarter 2024 earnings of 19 cents per share, which surpassed the Zacks Consensus Estimate of a loss of 34 cents. However, the bottom line declined 84% from the first-quarter 2023 reported figure of $1.19 per share.
Revenues
Canadian Solar reported revenues of $1.33 billion in the first quarter, which surpassed the Zacks Consensus Estimate by 4.2%. However, the top line declined 21.9% from the year-ago quarter’s figure of $1.70 billion. This decrease was primarily due to a decline in the average selling price for CSIQ’s modules.
Canadian Solar Inc. Price, Consensus and EPS Surprise 
Canadian Solar Inc. price-consensus-eps-surprise-chart | Canadian Solar Inc. Quote
Operational Update
Solar module shipments in the quarter totaled 6.3 gigawatts (GW), which came within the company’s earlier announced guidance range of 6.1-6.4 GW. This includes 236 megawatts of the company’s utility-scale solar power projects. Total module shipments increased 4% on a year-over-year basis.
Canadian Solar’s gross margin was 19% in the quarter, which remains at the high end of the 17%-19% guidance range. The …
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