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Canadian Solar Shares Spike After Company Says Q4 Results Will Exceed Expectations

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Canadian Solar Shares Spike After Company Says Q4 Results Will Exceed Expectations

Shares of Canadian Solar Inc. (NASDAQ: CSIQ) spiked higher by more than 10 percent early Tuesday morning after the company announced that its fourth quarter and full year 2015 results will exceed its prior guidance.

Canadian Solar said it expects its fourth-quarter sales to be in a range of $1.02 billion to $1.07 billion. For the full fiscal year, the company expects its sales to be in a range of $3.35 billion to $3.40 billion.

Wall Street analysts were calling for Canadian Solar to report revenue of $951.21 million in the fourth quarter and $3.30 billion in the full fiscal year.

Related Link: SunEdison Leads Short Interest Trend In Solar Stocks

Canadian Solar also expects its total solar module shipments for the fourth quarter to be approximately 1,350 MW to 1,400 MW – exceeding its prior guidance of 1,300 MW to 1,350 MW. For the full fiscal year, the company expects its total solar module shipments to be in the range of 4.63 GW to 4.68 GW – also exceeded its prior guidance of 4.15 GW to 4.2 GW.

Dr. Shawn Qu, chairman and Chief Executive Officer of Canadian Solar, remarked: “Our stronger than expected results reflect continued health and robust demand in the global solar market, combined with Canadian Solar's Tier 1 position, strong bankability, increased sales in higher ASP regions and the benefit of favorable currency moves.

“We continue to execute to our business strategy, which balances the rapid expansion of our utility-scale solar power project pipeline, and the sustained global leadership of our solar module business. We expect the growth of global solar demand to continue based on the compelling environmental and cost advantages solar energy offers and its low single-digit penetration rate of the worldwide energy market.”

Image Credit: Public Domain

 

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