Canadian Solar (CSIQ.US) released its second-quarter financial report before the US market opened on August 22.
According to the app of Wisdom Finance, Canadian Solar (CSIQ.US) released its second-quarter financial report before the US market opened on August 22. The data shows that Q2 revenue decreased by 30.5% year-on-year to $1.64 billion, exceeding market expectations by $0.03 billion. GAAP EPS was $0.02, $0.08 lower than expected. The shipment of solar modules was 8.2GW, higher than the previous performance guidance of 7.5GW to 8.0GW.
As of the time of writing, Canadian Solar plummeted 6.80% before market open, to $13.57.
For the third quarter of 2024, Canadian Solar expects total revenue to be between $1.6 billion and $1.8 billion. The gross margin is expected to be between 14% and 16%. The total confirmed shipment of components recognized as revenue is expected to be between 9.0GW and 9.5GW, including approximately 100 MW from the company's own projects. The total shipment of battery energy storage in the third quarter is expected to be between 1.4 GWh and 1.7 GWh, including approximately 1.2 GWh from the company's own projects.
Looking ahead to the full year of 2024, the company expects the total shipment of components to be between 32GW and 36GW, and the total shipment of battery energy storage to be between 6.5GWh and 7.0GWh, including approximately 1GW and 2.5GWh from the company's own projects. The total revenue is expected to be between $6.5 billion and $7.5 billion.
Shawn Qu, Chairman and CEO, commented: "We delivered robust performance in the second quarter of 2024, with shipments, revenue, and gross margin all meeting or exceeding our previous performance guidance. We have now achieved the optimal scale that is large enough to maintain a highly competitive cost structure, yet lean enough to adapt quickly to changes in industry dynamics."
"In the component business, from strategic capacity investments to rigorous order management, the company continues its rigorous operational approach. At the same time, we are preparing for sustainable medium- to long-term growth through the company's energy storage business e-STORAGE and the global project development platform Recurrent Energy."