Why Canadian Solar (CSIQ) Shares Are Surging Today - Canadian Solar (NASDAQ:CSIQ)

Canadian Solar Inc CSIQ reported second-quarter FY22 revenue growth of 62% year-on-year to $2.31 billion, beating the consensus of $2.23 billion. Higher solar shipment volumes, average selling price (ASP), and a significant increase in the battery storage solutions business drove the growth.
Solar module shipments of 5.06 GW, up 37% Y/Y, at the high end of its 4.9 GW - 5.1 GW guidance.
Margin: The gross margin expanded 310 bps to 16%, exceeding the company guidance of 14.5% - 15.5%.
EPS of $1.07 beat the consensus of $0.53.
Canadian Solar generated $293 million in operating cash flow and held $1.9 billion in cash and equivalents.
Outlook: Canadian Solar sees Q3 revenue of $2.0 billion - $2.1 billion, above the consensus of $1.95 billion.
Canadian Solar raised the FY22 revenue guidance from $7.0 billion - $7.5 billion to $7.5 billion - $8.0 billion, above the consensus of $7.25 billion.
Price Action: CSIQ shares traded higher by 6.47% at $41.77 in the premarket session on the last check Thursday.
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Here's Why Canadian Solar Shares Are Trading Higher Premarket