Canadian Solar (CSIQ) reported a strong Q3 EPS this morning of $0.69 which was .14/share better than analyst estimates and a more than 50% increase over the year ago quarter. It’s also a new record for the company. Revenues were below the year ago quarter by about 15% at $213 million, but was better than what analysts expected.
The CEO said European demand remains strong and contributed greatly to the success in the quarter with … Read the rest
Canadian Solar just announced that its CS5A and CS5P series have set a new record for PTC ratings in P-Type silicon modules, earning rating of ratings of 190 and 250 watts in tests designed to simulate real-world power generation conditions.
Canadian Solar also announced that its new Enhanced Selective Emitter (ESE) technology, which enhances the performance of solar cells, has been tested successfully.
In a press release, Dr. Shawn Qu, Canadian Solar’s Chairman and … Read the rest
After the bell today Canadian Solar (CSIQ) raised guidance for the 3rd quarter and the full year 2009 based on unaudited financial results and a “high level of interest at the Hamburg trade show and subsequent purchase orders”. The company now expects 3rd quarter revenues of $210 – 215 million and shipments of 101 – 103MW which compares to previous estimates of 90 – 100MW of shipments. They are also raising their full year guidance … Read the rest
Canadian Solar just announced that it has signed an agreement with Satcon, the utility scale power solutions provider. As part of the turnkey solution distribution agreement between the two companies, they will be bundling Canadian Solar’s commercial solar PV systems with Satcon’s commercial solar PV inverters and marketing them together.
This should benefit customers by making it easier for them to design and install a solar power system that meets their needs. It also meets … Read the rest
Two green stock upgrades this morning in CSIQ and ITRI..
Collins Stewart is upgrading Canadian Solar (CSIQ) to Buy and setting the price target at $21.
Hat tip to Street Insider for the following analyst notes.
The firm still sees Q3 traditional module shipments of 90MW, but lowered its quarterly estimate for eModules from 15MW to 10MW. Collins Stewart also lowered its Q3 average selling price estimate from $2.15 per watt to $2.08. The firm … Read the rest
Canadian Solar and Energy Research Center of the Netherlands just announced a new technology agreement today that gives Canadian Solar access to the Energy Research Center’s metal wrap-through (“MWT”) cells. Under the joint technology development and transfer agreement, Canadian Solar will be able to apply this technology to its production lines.
This technology will provide Canadian Solar with a few key advantages. First, metal wrap-through cells increase solar cells’ effective surface and the conversion efficiency. … Read the rest
Yesterday, Canadian Solar (CSIQ) announced an expansion of the original MOU signed with LG CNS of South Korea last April. The add on MOU potentially adds another 10MW of solar projects in South Korea for next year. The country is putting the pieces in place to expand its renewable energy initiative with a Feed in Tariff and portfolio standard program. FIT programs set renewable energy prices at above market rates while portfolio standard programs require … Read the rest
500MW seems to be the magic number with these long term projects. Just yesterday, LDK Solar (LDK) announced a 500MW project of its own in Yancheng City and this morning Canadian Solar (CSIQ) has obtained the rights to develop, operate and maintain a 500MW solar project in Baotou, Inner Mongolia over the next several years. The project, which is still subject to government approval, will be broken up into 3 phases with the first phase … Read the rest
A few analyst rating changes are out this morning..
Analyst comment below courtesy of StreetInsider.com.
Deutsche Bank is out this morning maintaining its hold rating on Canadian Solar (CSIQ) but is lowering the price target from $17 to $13. The firm says, “Recent inputs from various solar PV companies and less than hoped for improvement in the demand picture for larger systems (due to financing availability) cause us to reassess our outlook for solar … Read the rest
Canadian Solar (CSIQ) is announcing an important strategic alliance this morning with one of the largest utilities in China. CSIQ and a subsidiary of state owned China Guodian (Guodian Power), one of the country’s 5 largest utilities, will design, invest, build, operate and maintain solar power plants around Gansu, Ningxia and Inner Mongolia to start and develop new markets in the future. The first two projects will break ground in Ningxia with an initial phase … Read the rest