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Canadian Solar -8.7% on soft revenue guidance

  • Canadian Solar (NASDAQ:CSIQ) had 500MW worth of Q1 module shipments, up from 340MW a year ago (albeit down from seasonally strong Q4's 621MW) and at the high end of its (favorably) revised guidance range of 490MW-500MW.
  • But the company is also guiding for Q2 revenue of $560M-$590M, below a $633.6M consensus. Module shipments are expected to total 600MW-630MW, up from 455MW a year ago.
  • Canadian is reiterating guidance for 2.5GW-2.7GW of full-year shipments (400MW-500MW linked to its solar projects), and $2.7B-$2.9B in revenue (consensus is already at $2.88B).
  • Gross margin was 14.7% (100 bps hit from a fire), down from 19.5% in Q4 and up from 9.7% a year ago, and in-line with guidance. GM is expected to rise to 17%-19% in Q2.
  • Americas sales rose to 43.6% of revenue from 32.1% in Q1, and Europe rose to 6% from 5.5%. Asia/other sales fell to 50.4% from 62.4%, with a Chinese slowdown (see Deutsche's comments) offsetting Japanese strength.
  • Inventory rose by $145.3M Q/Q to $376.4M. The company has a 1.2GW pipeline of late-stage utility-scale projects, nearly 800MW of which is in Canada and Japan.
  • Q1 results, PR
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