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

Canadian Solar Inc CSIQ reported fourth-quarter FY22 revenue growth of 29% year-on-year to $1.97 billion, beating the consensus of $1.93 billion.
Higher solar shipment volumes drove the growth.
CSIQ's Q4 revenue rose by 2% sequentially. Solar module shipments were 6.4 GW, up 68% Y/Y.
Margin: The gross margin decreased by 200 bps to 17.7%, driven by lower margin contribution from project sales and lower module ASPs.
EPS of $1.11 beat the consensus of $0.76.
Canadian Solar generated $397 million in operating cash flow and held $1.96 billion in cash and equivalents.
China Securities Regulatory Commission approved the carve-out IPO of CSI Solar Co, Ltd.
Dr. Shawn Qu, Chairman and CEO commented, "We achieved record financial results in 2022, with revenue increasing 42% and net income attributable to shareholders increasing 152%. Our company and industry are at a critical turning point as we transition towards a grid parity market where clean energy investments are attractive both economically and from a sustainability standpoint, unlocking significant global demand. In addition, as solar equipment costs reach closer to the bottom of the cost curve, volume growth is translating into both revenue and earnings growth, driven by a combination of a stabler cost structure, increasing pricing power, and operating leverage."
Outlook: Canadian Solar expects Q1 revenue of $1.6 billion - $1.8 billion (consensus $2.04 billion).
Total module shipments recognized as revenues by CSI Solar will likely be 5.9 GW - 6.2 GW.
Canadian Solar expects FY23 revenue of $8.5 billion - $9.5 billion.
The company reiterates CSI Solar's total module shipments of 30 GW - 35 GW and battery storage shipments of 1.8 GWh - 2.0 GWh.
Price Action: CSIQ shares traded higher by 9.04% at $39.10 in the premarket session on the last check Tuesday.

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