Canadian Solar (CSIQ) reported fourth-quarter earnings early Tuesday that topped estimates on the top and bottom lines as shipments of solar modules climbed 68%. CSIQ stock jumped on the news.
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The company reported adjusted earnings of $1.11 a share on revenue of $1.97 billion. Analysts expected Canadian Solar to report earnings of 70 cents a share on revenue of $1.92 billion. Revenue rose 29% from the year-ago period while earnings catapulted 185%.
CSIQ stock jumped 9%, near 39.30, during morning action on the stock market today.
Shipments of solar modules climbed 68% from the year-ago period to 6.4 gigawatts, above Canadian Solar’s outlook for 6.1 gigawatts.
Canadian Solar builds a range of solar modules for use in residential, commercial and industrial solar-power generation systems.
The company expects revenue this year to be in the range of $8.5 billion to $9.5 billion, below FactSet estimates of $9.6 billion.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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Source: https://www.investors.com/news/technology/csiq-stock-canadian-solar-earnings-beat-estimates/?src=A00220&yptr=yahoo