Canadian Solar Sees FY17 Revenues Above Estimates
OTTAWA (dpa-AFX) - Canadian Solar Inc.
(CSIQ), a solar power company, on Tuesday said it expects total revenue for the first quarter of 2017 to be in the range of $570 million to $590 million. Gross margin for the first quarter is expected to be between 13% and 15%. The Company expects total solar module shipments to be in the range of approximately 1.15 GW to 1.2 GW.
For the full year 2017, the Company expects total revenue to be in the range of $4.0 billion to $4.2 billion.
On average, analysts polled by Thomson Reuters expect revenues of $679.03 million for the first quarter and $3.29 billion for the full year 2017. Analysts' estimates typically exclude special items.
The company expects full-year total module shipments to be in the range of approximately 6.5 GW to 7.0 GW, with approximately 6.17 GW recognized in revenue. The Company expects to connect approximately 1 GW to 1.2GW of new solar projects globally in 2017. These projects are located in the U.S., Japan, China, UK, India, Brazil and Africa.
In its fourth quarter, net loss attributable to Canadian Solar was $13.3 million or $0.23 per share, compared to net income of $62.3 million, or $1.05 per share last year.
Adjusted net income attributable to Canadian Solar was $14.2 million or $0.24 per share.
Net revenue in the fourth quarter of 2016 was $668.4 million, down 40.3% from $1.12 billion in 2015.
Analysts expected earnings of $0.32 per share on revenues of $690.27 million for the quarter.
Total solar module shipments in the fourth quarter of 2016 were 1,612 MW, of which 1,581 MW were recognized in revenue, compared to 1,398 MW recognized in revenue in the fourth quarter of 2015.
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