Canadian Solar (NASDAQ:CSIQ) earnings for fiscal fourth quarter of 2019 have CSIQ stock heading higher on Thursday. That’s thanks to its adjusted earnings per share (EPS) of $1.04 blowing past Wall Street’s estimate of 45 cents. The energy company’s revenue of $919.71 million also comes in above analysts’ estimates of $865.46 million.
Here’s what else is worth noting from the most recent Canadian Solar earnings report.
- Adjusted per-share earnings are down 42.54% from $1.61 in the same period of the year prior.
- Revenue for the quarter comes in 2.07% higher than the $901.04 million reported in the fiscal fourth quarter of 2018.
- Operating income of $111.43 million is an 18.4% drop year-over-year from $136.56 million.
- The Canadian Solar earnings report also includes a net income of $67.93 million.
- That’s a 40.46% decline compared to its net income of $114.1 million reported during the same time last year.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, said this about the SIQ stock earnings report.
“I am pleased with the strong 2019 results, as revenue and gross margin were both ahead of expectations. The strategic decisions we made in R&D and production capacity helped us achieve one of the industry’s highest margins, as we build upon our strong brand and maintain pricing power.”
The Canadian Solar earnings report also includes its outlook for fiscal 2020. This has the company expecting revenue to range from $3.4 billion to $3.9 billion. That does not stack well next to Wall Street’s estimate of $4.02 billion for the fiscal year.
CSIQ stock was up 12.75% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
