Seeking Alpha

Canadian Solar -5.4% premarket on dim Q1 outlook

  • Canadian Solar (CSIQ) -5.4% premarket after swinging to a Q4 profit but warning of weather-related effects on its top line in the current quarter.
  • Q4 solar module shipments totaled 621 MW, up 30% Q/Q and 54% Y/Y.
  • Issues downside guidance for Q1, seeing revenue of $415M-$430M vs. $545M analyst consensus estimates and solar module shipments of 470-490 MW, caused by severe winter in North America which delayed construction and recognition of ~$100M in revenue from some utility-scale projects in Canada.
  • Expects FY 2014 shipments of 2.5-2.7 GW with revenue of $2.7B-$2.9B, in line with analysts' views, as project revenue recognition is back-end loaded.
  • Sales have shifted strongly to Asia and the Americas: In Q4, the Asia region accounted for 62% of sales vs. 39% in the year-ago period, the Americas totaled 32% vs. 20%, and Europe accounted for 5.5% vs. 41% a year ago.
  • ETFs: TAN, KWT.
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