Canadian Solar (NASDAQ:CSIQ) Releases Earnings Results, Beats Expectations By $0.20 EPS

Canadian Solar (NASDAQ:CSIQ) posted its quarterly earnings data on Thursday. The solar energy provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.20, RTT News reports. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same period in the prior year, the firm earned $1.19 earnings per share. Canadian Solar’s revenue for the quarter was down 21.1% compared to the same quarter last year. Canadian Solar updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Canadian Solar Stock Performance

Shares of NASDAQ CSIQ traded down $0.14 during midday trading on Thursday, hitting $17.46. 2,761,024 shares of the company’s stock were exchanged, compared to its average volume of 1,457,255. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $1.16 billion, a PE ratio of 4.54, a price-to-earnings-growth ratio of 0.26 and a beta of 1.29. Canadian Solar has a 12 month low of $14.11 and a 12 month high of $45.29. The company’s 50 day moving average price is $17.93 and its 200 day moving average price is $20.78.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Daiwa Capital Markets initiated coverage on Canadian Solar in a research report on Monday, March 11th. They set a “neutral” rating and a $21.00 price target for the company. Wells Fargo & Company cut their price objective on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 19th. Citigroup decreased their target price on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. The Goldman Sachs Group cut their price target on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Finally, StockNews.com upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Canadian Solar currently has an average rating of “Hold” and an average price target of $31.78.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.