Canadian Solar (CSIQ) Reports Q3 Loss, Projects Strong Q4 Sales

Dec 05, 2024

Canadian Solar (CSIQ, Financial) announced its financial results for Q3 2024, reporting revenue of $1.51 billion, an 18% year-over-year decrease and 8% drop from the previous quarter. The gross margin was 16.4%, surpassing expectations of 14%-16%. Module shipments reached 8.4 GW, a 1% increase year-over-year and a 2% rise quarter-over-quarter. The company reported a net loss of $14 million, compared to a net profit of $22 million in the same period last year, with a loss of $0.31 per share.

Looking ahead, Canadian Solar forecasts Q4 sales between $1.5 billion and $1.7 billion, with a gross margin of 16%-18%. Expected module shipments are 8.0 GW to 8.5 GW, with 500 MW for internal projects. Energy storage shipments are projected at 2.0 GWh to 2.4 GWh, with 1.2 GWh for internal projects. For 2025, the company anticipates module shipments of 30 GW to 35 GW and energy storage shipments of 11 GWh to 13 GWh, with 1 GW of each for internal projects.

Disclosures

I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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