Canadian Solar beats by $0.21, beats on revs; guides Q2 revs above consensus; guides FY16 revs above consensus :
- Reports Q1 (Mar) earnings of $0.39 per share, $0.21 better than the Capital IQ Consensus of $0.18; revenues fell 16.2% year/year to $721.4 mln vs the $662.89 mln Capital IQ Consensus. Total solar module shipments were 1,198 MW, of which 1,172 MW were recognized in revenue, compared to 1,398 MW recognized in revenue in the fourth quarter of 2015, and first quarter shipment guidance in the range of 1,085 MW to 1,135 MW.
- Co issues upside guidance for Q2, sees Q2 revs of $710-760 mln vs. $700.77 mln Capital IQ Consensus Estimate. Guidance: For the second quarter of 2016, the Company expects total module shipments to be in the range of ~1,200 MW to 1,250 MW, including ~30 MW of shipments to the Company's utility-scale solar projects that may not be recognized in second quarter 2016 revenue.
- Co issues raised guidance for FY16, sees FY16 revs of $3.2-3.6 bln from $2.9-3.1 bln vs. $3.16 bln Capital IQ Consensus Estimate. For the full year 2016, the Company maintains its guidance for total module shipments to be in the range of ~5.4 GW to 5.5 GW, with ~5.0 GW recognized in revenue.
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