Boston, MA 03/06/2014 (wallstreetpr) – Leading solar power company Canadian Solar Inc. (NASDAQ:CSIQ) reported its fourth quarter earnings that show a jump in profit for the fourth quarter aided by strong growth margins and strong revenue growth. Revenue for the quarter beat analyst’s expectations as sales continue to grow.
Canadian Solar Inc. (NASDAQ:CSIQ) provided poor guidance for its first quarter which fell below analysts’ expectations and as a result fell in the market by highs of 10.65%. Canadian solar company cites the harsh weather conditions experienced in the months of January and February as the reason behind the below-par guidance as they severely affected the company’s sales. The company still expects to turn in impressive earnings for the full year that should be in line with consensus estimates
Fourth quarter financials
The fourth quarter saw the company report a net income of $20.95 million or $0.39 per share which was a massive improvement compared to a net loss of $104.99 million reported for the same period a year ago.
Net revenue for the quarter was also up by 76% clocking highs of $519.47 million up from $294.84million reported in the same quarter a year ago. The fourth quarter revenues also beat analyst’s estimates of $512.95 million. Total solar shipments for the quarter grew by 54% as the company was able to ship $621 MW up from $404 MW a year ago.
Canadian Solar Inc. (NASDAQ:CSIQ) performed well in china markets where solar shipments accounted for 42.9% of total sales and 19.7% on the total shipments. Gross margins for the quarter were up from lows of 5.4% the same quarter a year ago to highs of 19.49%. The high registered gross margins was as a result of an increase in total revenues from the company’s total solutions business
Canadian Solar Inc. (NASDAQ:CSIQ) fourth quarter profitability is still subject to a Suzhou intermediate court ruling on a contract dispute between it and LDK.
Poor guidance for the first quarter caused Canadian Solar Inc. (NASDAQ:CSIQ) to slump to lows of $39.02 a drop of 10.65%
