Canadian Solar Inc. (CSIQ), while reporting weak third-quarter results, on Tuesday issued its fourth-quarter revenue outlook below market estimates.
In pre-market activity on Nasdaq, the shares were losing around 9.4 percent to trade at $19.
For the fourth quarter of 2023, the company expects total revenue to be in the range of $1.6 billion to $1.8 billion.
Analysts on average expect the company to record revenues of $2.65 billion, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
For the quarer, gross margin is expected to be between 14 percent and 16 percent. Total module shipments recognized as revenues by CSI Solar are expected to be in the range of 7.6 GW to 8.1 GW, including around 95 MW to the company’s own projects.
Total battery energy storage shipments by CSI Solar in the fourth quarter are expected to be in the range of 1.4 GWh to 1.5 GWh, of which approximately 720 MWh are expected to generate revenues in early 2024.
For fiscal 2024, the company expects total module shipments to be in the range of 42 GW to 47 GW and total battery energy storage shipments in the range of 6.0 GWh to 6.5 Gwh.
In its third quarter, Canadian Solar’s earnings decreased from the same period last year and missed the Street estimates.
The company’s bottom line totaled $21.89 million or $0.32 per share, compared to $78.47 million or $1.12 per share in last year.
Analysts had expected the company to earn $0.82 per share.
The company’s revenue for the quarter fell 4.1 percent to $1.85 billion from $1.93 billion last year.
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