The Canadian Solar earnings report for the fourth quarter of 2018 has CSIQ stock falling hard on Thursday.
The bad news for Canadian Solar (NASDAQ:CSIQ) stock has to do with the company’s outlook for 2019. This includes the company saying that it is expecting net profit for the first quarter of the year to be low or negative when compared to the first quarter of 2018.
To go along with the low net profit guidance for the first quarter is a grim revenue outlook. Canadian Solar notes that it is expecting revenue for the period to range from $450 million to $480 million. That will have it coming in well below Wall Street’s revenue estimate of $875.41 million for the quarter.
The outlook for the full year of 2019 in the most recent Canadian Solar earnings report also doesn’t look good. This includes the solar panel manufacturing company saying that it expects net profit for the year to be lower than it was in the previous year.
The Canadian Solar earnings report for the fourth quarter of 2018 also includes its revenue outlook for 2019. The company is expecting revenue to for the year to come in between $3.50 billion and $3.80 billion. Unfortunately for CSIQ stock, analysts are looking for it to report revenue of $3.94 billion for the full year of 2019.
CSIQ stock was down 16% as of Thursday afternoon, but is up 63% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.