Boston, MA 08/18/2014 (wallstreetpr) – Canadian Solar Inc. (NASDAQ:CSIQ) caught attention of the investors when it reported better than expected numbers in the third quarter. The company posted higher profits with a positive outlook on revenues for the next quarter. The shares have gained almost 20% in this month. They are higher by merely 0.2% in this year.
The financial numbers
Canadian Solar Inc. (NASDAQ:CSIQ) has got a strong position in the world of solar panels in China. It posted a profit of $55.8 million comparable to the net loss of 412.6 million a year ago. It accounted for the profit of 95 cents a share comparable to negative 29 cents a share a year ago. The adjusted earnings came at 64 cents a share. The revenues came at $623.8 million comparable to $380 million in prior-year quarter. The revenue projections of Canadian Solar for the next quarter stand at $760 million to $810 million.
The key news
Apart from the solid results, Canadian Solar Inc. (NASDAQ:CSIQ) also reported that projects will offset the U.S. duties impact. It expects the next quarter margin to come in the range of 19% to 21%. It expects the shipments to come around 720-750 MW in the next quarter. The profitable unit of solar power plants has helped Canadian Solar to offset the adverse impact of the decline in the margins in the US. The margins took a hit in the US due to the imposed duties on solar products manufactured in China and Taiwan. The Chinese solar companies were using the factories in Taiwan to take the advantage of duties.
The future ahead
Canadian Solar Inc. (NASDAQ:CSIQ) posted the fourth-straight quarter of profits. It expects the margins in the US to stay lower. However, they will be offset by the higher profits and revenues coming from the solar projects and the total solutions business. It is banking on the key markets including Europe, China, Canada and Japan.
