Free Post Earnings Research Report: Canadian Solar’s Revenues Soared 110.5%; Turned Profitable Y-O-Y

Stock Monitor: Altair Engineering Post Earnings Reporting

LONDON, UK / ACCESSWIRE / June 13, 2018 / If you want access to our free earnings report on Canadian Solar Inc. (NASDAQ: CSIQ), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CSIQ. The Company reported its first quarter fiscal 2018 operating and financial results on May 08, 2018. The solar wafers manufacturer outperformed top- and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Canadian Solar most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For Q1 2018, Canadian Solar's net revenues were $1.42 billion, up 110.5% from $677.0 million in Q1 2017. The Company's revenue numbers exceeded analysts' estimates of $1.38 billion.

Canadian Solar's gross profit was $143.9 million in Q1 2018 compared to $91.4 million in Q1 2017. The Company's gross margin was 10.1% in the reported quarter compared to 13.5% in the prior year's same quarter. Canadian Solar's total operating expenses were $65.7 million in Q1 2018, down 29.9% from $93.7 million in Q1 2017.

For Q1 2018, Canadian Solar's general and administrative (G&A) expenses totaled $48.8 million, down 11.4% from $55.1 million in Q1 2017. The Company's research and development (R&D) expenses were $9.5 million in the reported quarter versus $5.6 million in the year earlier comparable quarter.

Canadian Solar's income from operations was $78.2 million in Q1 2018 compared to a loss from operations of $2.3 million in Q1 2017. The Company's operating margin was 5.5% in the reported quarter compared to negative 0.3% in the year ago corresponding period.

Canadian Solar's net income attributable to common shareholders was $43.4 million, or $0.72 per diluted share, in Q1 2018 compared to a net loss of $13.3 million, or $0.23 loss per diluted share, in Q1 2017. The Company's earnings surpassed Wall Street's estimates of $0.38 per share.

Operating Results

During Q1 2018, Canadian Solar's solar module shipments were 1,374 megawatts (MW) compared to 1,831 MW in Q4 2017.

During Q1 2018, Canadian Solar completed the sale of three solar power plants in the US totaling 309 megawatt peak (MWp) to the Korea Electric Power Corp. for approximately $720.0 million, and completed the sale of 142 MWp of solar power plants in the UK for approximately GBP 191.2 million ($267.7 million) to Greencoat Capital LLP.

As of April 30, 2018, Canadian Solar's portfolio of utility-scale solar power plants in operation was approximately 948 MWp, with an estimated total resale value of approximately $1.1 billion.

As of April 30, 2018, Canadian Solar's late-stage utility-scale solar project pipeline, including those in construction, totaled approximately 2.3 gigawatt peak (GWp), including 459 MWp in the US.

Financial Conditions

As of March 31, 2018, Canadian Solar had a cash, cash equivalents, and restricted cash balance on par with the $1.19 billion reported as of December 31, 2017. The Company's accounts receivables, net of allowance for doubtful accounts, were $354.3 million at the end of the reported quarter compared to $358.1 million at the end of Q4 2017. Canadian Solar's accounts receivable turnover was 26 days in Q1 2018 compared to 38 days in Q4 2017.

During Q1 2018, Canadian Solar's net cash provided by operating activities was approximately $253.4 million compared to $189.3 million in Q4 2017.

Canadian Solar's short-term borrowings were $1.86 billion at the end of Q1 2018 compared to $1.96 billion at the end of Q4 2017. The Company's total debt was approximately $2.45 billion at the end of the reported quarter, of which $785.7 million was non-recourse.

Stock Performance Snapshot

June 12, 2018 - At Tuesday's closing bell, Canadian Solar's stock climbed 1.64%, ending the trading session at $12.40.

Volume traded for the day: 1.79 million shares, which was above the 3-month average volume of 855.16 thousand shares.

After yesterday's close, Canadian Solar's market cap was at $731.23 million.

Price to Earnings (P/E) ratio was at 7.83.

The stock is part of the Technology sector, categorized under the Semiconductor - Specialized industry. This sector was up 0.6% at the end of the session.

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