Canadian Solar, Inc. CSIQ reported a fourth-quarter 2024 loss of $1.47 per share, wider than the Zacks Consensus Estimate of a loss of 21 cents per share. The figure also deteriorated from the year-ago quarter’s earnings of two cents per share.

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CSIQ reported a 2024 loss of $1.45 per share against the year-ago earnings of $3.87.

CSIQ’s Revenues

Canadian Solar reported revenues of $1.52 billion, which lagged the Zacks Consensus Estimate of $1.58 billion by 3.7%. The top line also declined 10.6% from the year-ago quarter’s figure of $1.70 billion.

This year-over-year decrease was primarily due to a decline in the average selling price (ASP) for CSIQ’s modules.

The company reported revenues of $6.46 billion in 2024, which were lower than $7.23 billion in 2023.

Canadian Solar Inc. Price, Consensus and EPS Surprise

Canadian Solar Inc. price-consensus-eps-surprise-chart | Canadian Solar Inc. Quote

Operational Update of CSIQ

Solar module shipments in the quarter totaled 8.2 gigawatts (GW), in line with the company’s guidance of 8.0-8.5 GW. The metric also rose 1% year over year.

Canadian Solar’s gross margin was 14.3%, which was much lower than its guided range of 16-18%. The gross margin declined 180 basis points year over year due to a lower module ASP.

Total operating expenses were $344.1 million, up 61.7% year over year due to the impairment charges and higher shipping and handling expenses.

Depreciation and amortization charges totaled $135 million, up from $89 million recorded in the year-ago period. The increase was due to Canadian Solar's vertical integration investments over the past two years and incremental capacity in key strategic markets.

Canadian Solar’s Financial Update

As of Dec. 31, 2024, Canadian Solar’s cash and cash equivalents totaled $1.70 billion, down from $1.94 billion as of Dec. 31, 2023.

Long-term borrowings as of Dec. 31, 2024, were $2.49 billion, up from $1.27 billion as of Dec. 31, 2023.

CSIQ’s 2025 Guidance

For the first quarter of 2025, Canadian Solar expects total module shipments to be in the range of 6.4-6.7 GW, including approximately 400 MW of module shipments for its projects.

Total revenues are expected to be in the band of $1.0-$1.2 billion. The Zacks Consensus Estimate for first-quarter sales is pegged at $1.4 billion, higher than the company’s guided range.

The company expects the gross margin to be between 9% and 11%.

Total battery energy storage shipments in the first quarter are expected to be around 800 megawatt-hours.

For full-year 2025, the company still expects total module shipments to be in the range of 30-35 GW, including nearly one GW to its projects. It anticipates total battery energy storage shipments to be in the band of 11-13 GWh.

Total revenues are expected to be in the band of $7.3-$8.3 billion. The Zacks Consensus Estimate for 2025 sales is pegged at $7.34 billion, which lies near the lower end of the company’s guided range.

CSIQ’s Zacks Rank

Canadian Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Q4 Solar Releases

Enphase Energy, Inc. ENPH reported fourth-quarter 2024 adjusted earnings of 94 cents per share, which surpassed the Zacks Consensus Estimate of 75 cents by 25.3%. The company’s revenues of $382.7 million beat the consensus estimate of $376 million by 1.8%.

SolarEdge Technologies, Inc. SEDG reported a fourth-quarter 2024 adjusted loss of $3.52 per share, wider than the Zacks Consensus Estimate. The company’s revenues of $196.2 million surpassed the consensus estimate by 5.3%.

First Solar, Inc. FSLR reported fourth-quarter 2024 earnings of $3.65 per share, which missed the Zacks Consensus Estimate of $4.64 by 21.3%. The company’s net sales of $1.51 billion surpassed the consensus estimate of $1.47 billion by 3%.

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