For the quarter ended June 2018, the Guelph, Canada-based solar power company posted earnings of US$0.26 per share on revenue of US$650.6mln. The results were lower than consensus earnings estimate of US$0.33 per share on revenue of US$715.1mln. Revenue fell 6% compared to the same quarter a year ago.
Shares of Canadian Solar fell 5.6% to US$12.82 in early trade.
The large solar power company, one of the biggest in the world, has operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia.
"Our second quarter revenue was affected by the deferral of several project sales as well as an industrywide lower average module selling price. The solar policy change in
“We also incurred a relatively large foreign exchange loss due to the depreciation of currencies in certain developing countries against US dollar during the quarter. However, we are confident we can navigate this challenging period given our proven track record even in prior periods of volatility,” he added.
The company said it “energized a large fleet” of solar power projects in
The company said it expects third-quarter revenue of US$790mln to US$840mln. The current consensus revenue estimate is US$1.09bn for the quarter ending September 30, 2018.
Solar module shipments in the second quarter of 2018 were 1,700 MW, including 246 MW shipped to the Company's own solar projects not recognized into revenue in the quarter, compared to 1,374 MW in the first quarter of 2018.
Contact Uttara Choudhury at [email protected]