Canadian Solar Registers 47% Top-Line Growth In Q4; Raises FY22 Revenue Guidance

Canadian Solar Inc CSIQ reported fourth-quarter FY21 revenue growth of 47% year-on-year to $1.53 billion, missing the consensus of $1.59 billion. Higher solar shipment volumes and ASP and a significant increase in the battery storage solutions business drove the growth.
Solar module shipments of 3.83 GW, up 28% Y/Y, were in line with its 3.7 GW - 3.9 GW guidance.
Margin: The gross margin expanded 610 bps to 19.7%, exceeding the company guidance of 14% - 16%, aided by lower manufacturing costs and a higher module ASP.
Non-GAAP EPS of $0.17 missed the consensus of $0.33.
Canadian Solar used $206 million in operating cash flow and held $1.43 billion in cash and equivalents.
Dr. Shawn Qu, Chairman and CEO, commented, "We are also pleased to report that the carve-out IPO of CSI Solar remains on track. We received approval from the Shanghai Stock Exchange and are currently going through the registration process with the China Securities Regulatory Commission, in line with usual procedures."
Outlook: Canadian Solar sees Q1 FY22 revenue of $1.25 billion - $1.35 billion, below the consensus of $1.45 billion.
Canadian Solar raised the FY22 revenue guidance from $6.5 billion - $7.0 billion to $7.0 billion - $7.5 billion, above the consensus of $6.66 billion.
Price Action: CSIQ shares traded lower by 4.55% at $31.65 in the premarket session on the last check Thursday.