Why Canadian Solar Shares Are Trading Lower Today
Portfolio Pulse from Akanksha Bakshi
Canadian Solar Inc (NASDAQ:CSIQ) reported a decline in Q3 FY23 revenue by 4.5% year-on-year to $1.85 billion, missing consensus estimates of $2.03 billion. The company saw a decrease in project sales and average selling price of modules, though module shipments increased. Gross profit and operating income also fell, with EPS dropping significantly from the previous quarter and year. Despite a decrease in operating cash flow, Canadian Solar has a $2.6 billion e-STORAGE contracted backlog and is making strategic investments in facilities to serve U.S. customers. The Q4 outlook is below consensus estimates, and shares fell 3.53% to $20.23.
November 14, 2023 | 5:27 pm
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Canadian Solar reported lower Q3 FY23 revenue and earnings, with a negative outlook for Q4, leading to a 3.53% drop in share price.
The reported decline in revenue and earnings, along with a weaker-than-expected outlook for Q4, are likely to negatively impact investor sentiment in the short term. The share price has already reacted with a drop, indicating immediate market response to the news. However, the company's strategic investments and backlog may provide some optimism for the long-term outlook.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100