Canadian Solar (CSIQ) is still trying to find a bottom and today is a good start towards that with the stock up over 30% on news it has sold nine solar plants in Ontario with a combined capacity of 86MW to TransCanada Corporation for about $470 million. All of the projects are under a 20 year power purchase agreement with the Ontario Power Authority. The purchase on each project will close once the plants begin … Read the rest
Tag Archives: canadian solar
Canadian Solar (CSIQ) Misses Badly On EPS, Shares Sink
The headlines for Canadian Solar’s (CSIQ) earnings report today focused on the big quarter over quarter growth, but the real story today was the fact the company missed analyst estimates by a wide margin on the EPS side, posting .16/share vs the estimate for .28/share. Revenues came in higher than expectations at $482 million. No doubt a strong quarter over the year ago quarter, but not what analysts were looking for which is why … Read the rest
Canadian Solar (CSIQ) Announced 81MW Germany Deal
Canadian Solar (CSIQ) announced yesterday that they landed a 81MW deal to sell 81MW of solar modules to fast growing Berlin-based solar developer Saferay. The modules have already begun shipping and the entire order will be shipped by the end of Q3.
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Dr. Shawn Qu, Chairman and CEO of Canadian Solar, said, "We are pleased to be partnering with Saferay. We are both fast growing … Read the rest
Canadian Solar (CSIQ) Beats Estimates Taking Out Forex Hit
Canadian Solar (CSIQ) posted earnings results tonight that were ahead of analyst estimates on the revenue side ($443 million vs $423 million) as well as the EPS side using the non GAAP number and excluding the forex hit (.44/share vs expectation for .41). Gross margins improved 2% over the year ago quarter (although dropped a few percent sequentially) while shipments increased 32%. It should also be noted that the company continues to decrease exposure to … Read the rest
Canadian Solar (CSIQ) Announces 3rd Solar Park Project With SkyPower (10MW)
Canadian Solar (CSIQ) had two solar EPC contracts in place with SkyPower Limited to build a 10.5MW and 8.5MW solar park and yesterday they announced a third 10.5MW solar park contract. This particular park will be located in Thunder Bay at Fort William. Construction is expected to be completed on all three projects by the end of Q3 and provide enough clean electricity to power 50,000 homes.
Canadian Solar (CSIQ) CEO Interview: Grid Parity Not Far Off
BNET has an interesting interview with Canadian Solar CEO Shawn Qu I recommend checking out. Here are a few highlights of comments made by Qu:
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– Believes solar will reach grid parity (using the levelized cost of energy) in some countries within the next 3-5 years. He sees Japan reaching it first then Germany and California. That may be the tipping point for another explosion … Read the rest
Canadian Solar (CSIQ) Plunges On EPS Miss, Flat Guidance
Canadian Solar (CSIQ) missed EPS estimates this morning sending the stock reeling nearly 20% and putting pressure on many solar stocks across the board. The company reported revenues of $453 million which beat analyst estimates for $417 million, but missed on the EPS side posting .58/share vs the expectation for .65/share. It still represented big quarter over quarter growth and healthy sequential growth, but clearly traders were looking for more.
Auriga Back From China Trip, Remains Cautiously Upbeat On Solar
Auriga sent over a research report to us this morning, reiterating their cautiously bullish stance on China solar stocks following a 7 day trip throughout China. The firm visited both public and private companies and while positive in the near term for both shipments and pricing, there is some trepidation due to rising costs.
Commenting on earnings season, they feel that while most companies will post beat and raise quarters, some may reveal some margin … Read the rest
Canadian Solar (CSIQ) Partners With Unirac On Solar Rooftop Systems In Canada
It was announced today that Canadian Solar (CSIQ) and Unirac will partner in providing solar rooftop systems to residential and commercial customers in Ontario, Canada. Canadian Solar will provide 30MW in solar modules while Unirac will provide the mounting solution.
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Dr. Shawn Qu, Chairman and CEO, Canadian Solar Inc. remarked, "By partnering together we are able to offer a compelling turnkey solution. We will help … Read the rest
Canadian Solar (CSIQ) Was A Supplier For Europe’s Largest Solar Plant
It was announced today that Canadian Solar (CSIQ) was a solar module supplier for Europe’s largest solar plant constructed by MEMC Electronic Materials (WFR) subsidiary SunEdison. The 70MW plant is located near the town of Rovigo in Italy and is expected to power more than 16500 homes.
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"The impressive scale of this milestone European PV project is a direct testament to the high quality work … Read the rest