Stock Track | Canadian Solar Plunges 5% Pre-Market on Weak Q4 Revenue Guidance
Canadian Solar's stock is down 5% in pre-market trading on Thursday, after the company provided a disappointing revenue guidance for the fourth quarter of 2024.
The solar energy solutions provider expects total revenue for Q4 2024 to be in the range of $1.5 billion to $1.7 billion, significantly below the consensus estimate of $2.14 billion. The company also reported a miss on Q3 earnings and revenue, with an EPS loss of $0.31 compared to the expected loss of $0.12, and revenue of $1.51 billion versus the $1.71 billion estimate.
The weak guidance and quarterly results suggest that Canadian Solar is facing challenges in meeting market expectations, potentially due to factors such as supply chain disruptions, rising costs, or weakening demand for solar products.
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