Canadian Solar (NASDAQ:CSIQ) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Canadian Solar (NASDAQ:CSIQ) posted its quarterly earnings data on Thursday. The solar energy provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.20, RTT News reports. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. Canadian Solar’s revenue for the quarter was down 21.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.19 earnings per share. Canadian Solar updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Canadian Solar Stock Performance

NASDAQ CSIQ opened at $17.28 on Friday. The company’s 50 day moving average is $17.85 and its 200-day moving average is $20.76. Canadian Solar has a 12-month low of $14.11 and a 12-month high of $45.29. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.45. The firm has a market cap of $1.14 billion, a P/E ratio of 4.45, a price-to-earnings-growth ratio of 0.26 and a beta of 1.29.

Wall Street Analyst Weigh In

CSIQ has been the topic of several research analyst reports. Daiwa Capital Markets began coverage on shares of Canadian Solar in a research note on Monday, March 11th. They set a “neutral” rating and a $21.00 target price on the stock. Citigroup dropped their price objective on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. Wells Fargo & Company dropped their price target on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 19th. Finally, The Goldman Sachs Group cut their price target on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $31.78.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.