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LONDON, August 18, 2014 /PRNewswire/ --
Investor-Edge.com has issued complimentary post-earnings coverage on Canadian Solar Inc. (NASDAQ: CSIQ). The company was featured in the headlines on Wednesday, August 13, 2014, for reporting a 64% year-over-year surge in net revenue in the second quarter of 2014. Furthermore, Canadian Solar Inc.'s operating margin improved 7.7 percentage points year-over-year, during the reported quarter. Our free coverage report can be accessed at:
During the second quarter 2014, Canadian Solar Inc.'s gross profit improved to $118.23 million from $68.61 million in Q1 2014 and $48.67 million in the prior year period, primarily due to higher module shipments, higher module average selling price, lower module manufacturing cost and higher revenue contribution from the company's total solutions business. Gross margin for the reported quarter improved to 19.0%, from 14.7% in the first quarter of 2014 and 12.8% in Q2 2013, meeting the higher end of the guidance range of 17%-19%. The global solar power company's Q2 2014 operating margin came in at 10.9% as compared to 5.7% in the previous quarter and 3.2% in the year-ago period. Solar module shipments for Q2 2014 stood at 646 MW, compared to 500 MW in the first quarter of 2014, and above the second quarter guidance range of 600 MW- 630 MW. The free research on CSIQ can be downloaded as in PDF format at:
For the quarter ended June 30, 2014, sales to the Americas contributed to 55.5% of net revenues, compared to 43.6% in prior quarter and 37.8% in Q2 2013. Europe's contribution to net revenue in the reported quarter also improved to 14.7% from 6.0% in the first quarter 2014 and 10.6% in the year ago quarter. However, share of Asia and other markets in net revenues for Q2 2014 declined to 29.8% from 50.4% in Q1 2014 and 51.6% in Q2 2013. During the quarter, Canadian Solar Inc. concluded the sale of one solar power plant in Ontario, Canada to an affiliate of Concord Green Energy, valued over C$60 million. During Q2 2014, the company also entered into an engineering, procurement and construction agreement with Kingston Solar LP, a solar energy partnership formed by Samsung Renewable Energy Inc. ("Samsung"), to construct a 140 MW DC utility-scale solar power plant. Canadian Solar Inc. expects this project to generate revenue of over C$300 for the company.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. said that the strong module demand from Japan, Germany, the UK and the US, as well as the progress in the build-out of the company's utility-scale solar projects in Canada, led to shipments and revenues topping the high end of the Company's guidance. Mr. Qu asserted that the company is making steady progress in key developing markets in Asia, the Middle East, Latin America and Africa, and continues to see robust demand for solar energy solutions products and services across all geographies and market segments. Meanwhile, Michael G. Potter, Senior Vice President and Chief Financial Officer at Canadian Solar Inc. stated that the most recent quarterly results reflect the company's focus on profitable module sales over module volume and higher margin total solutions business. He added that the company ended the quarter with $788.3 million in cash, cash equivalents and restricted cash, which provides it with an advantage as it pursues higher margin solar module and utility-scale projects opportunities in its target markets and build shareholder value. Sign up and read the free analyst's notes on CSIQ at:
Canadian Solar Inc. reported net revenue of $623.77 million for the second quarter of 2014, compared to $466.32 million in Q1 2014 and $380.38 million in the prior year period. Net income attributable to Canadian Solar in Q2 2014 stood at $55.78 million, or $0.95 per diluted share, compared to $3.78 million, or $0.07 per diluted share, in the previous quarter and net loss of $12.60 million, or $0.29 loss per diluted share in the year-ago quarter. Analysts at Bloomberg expected net income attributable to Canadian Solar of $33.73 million, or $0.57 per diluted share on net revenue of $577.67 million.
On the day of the earnings release, Wednesday, August 13, 2014, Canadian Solar Inc.'s shares rallied 24.27% to end the session at $31.03. On the last close, Friday, August 15, 2014, the stock made a further gain of 2.62% to close at $33.25. The stock vacillated between $31.83 and $33.73 during the session. A total of 7.04 million shares were traded, which was above its three months average volume of 3.53 million shares. Canadian Solar Inc.'s shares have gained 33.16% in the previous three trading sessions, 19.35% in the last one month, and 11.50% on YTD basis. The company's shares are trading above their 50-day and 200-day moving averages of $27.62 and $30.78, respectively. Canadian Solar Inc.'s stock traded at a PE ratio of 16.93 and has a Relative Strength Index (RSI) of 70.25. Visit Investor-Edge and access the latest research on CSIQ at:
Sneak Peek to Corporate Insider Trading
In the last one month, Canadian Solar Inc. has not reported any share transactions by insiders to the U.S. Securities and Exchange Commission (SEC). Complimentary in-depth research on CSIQ is available at:
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