Research Desk Line-up: Sunrun Post Earnings Coverage
LONDON, UK / ACCESSWIRE / September 5, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Canadian Solar Inc. (NASDAQ: CSIQ), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=CSIQ, following the Company's reporting of its second quarter 2017 financial results on August 14, 2017. The solar wafers manufacturer reported a y-o-y decline in sales and earnings. The Company also provided outlook for the upcoming quarter and total module shipments forecast for the year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Semiconductor - Specialized industry. Pro-TD has currently selected Sunrun Inc. (NASDAQ: RUN) for due-diligence and potential coverage as the Company announced on August 07, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Sunrun when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CSIQ; also brushing on RUN. With the links below you can directly download the report of your stock of interest free of charge at:
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Earnings Reviewed
Canadian Solar's net revenue was $692.4 million in Q2 2017, down 14.1% from $805.9 million in Q2 2016. The Company's revenue numbers exceeded Wall Street's estimates of $622.8 million.
Canadian Solar's solar module shipments recognized in revenue totaled 1,638 MW compared to 1,290 MW recognized in revenue in Q2 2016. The Company's solar module shipments recognized in revenue in the reported quarter included 29.2 MW used in Canadian Solar's total solutions business, compared to 18.7 MW in the year ago same period.
Canadian Solar's gross profit was $167.8 million in Q2 2017 compared to $138.5 million in Q2 2016. The Company's gross margin in the reported quarter was 24.2% compared to 17.2% in the year ago corresponding period.
For Q2 2017, Canadian Solar's total operating expenses were $84.1 million, down 15.0% from $98.9 million in Q2 2016. The Company's selling expenses were $39.3 million in the reported quarter up 16.1% from $33.9 million in the prior year's comparable quarter. Canadian Solar's research and development (R&D) expenses were $7.3 million in Q2 2017 compared to $5.1 million in Q2 2016.
During Q2 2017, Canadian Solar's income from operations was $83.7 million compared to income from operations of $39.6 million in Q2 2016. The Company's operating margin was 12.1% in the reported quarter compared to 4.9% in the year earlier same quarter.
For Q2 2017, net income attributable to Canadian Solar was $38.2 million, or $0.63 per diluted share, compared to net income attributable to Canadian Solar of $40.4 million, or $0.68 per diluted share, in Q2 2016. On an adjusted basis, the Company recorded losses of $0.15 per share. The results topped analysts' forecasts for a loss of $0.16 per share.
Financial Condition
As of June 30, 2017, Canadian Solar had $961.6 million of cash, cash equivalents, and restricted cash compared to $961.4 million as of March 31, 2017. The Company's accounts receivable, net of allowance for doubtful accounts, were $367.6 million as of June 30, 2017, compared to $368.6 million as of March 31, 2017. Canadian Solar's accounts receivable turnover was 56 days in Q2 2017 compared to 59 days in Q1 2017.
Canadian Solar's inventories were $283.2 million as of June 30, 2017, compared to $274.5 million as of March 31, 2017. The Company's inventory turnover was 52 days in Q2 2017 compared to 48 days in Q2 2017. Canadian Solar's accounts and notes payable as of June 30, 2017, were $899.5 million compared to $847.2 million as of March 31, 2017.
Canadian Solar had approximately $1.18 billion in non-recourse bank borrowings as of June 30, 2017. Senior convertible notes totaled $126.0 million as of June 30, 2017, compared to $125.8 million as of March 31, 2017. Total borrowings directly related to utility-scale solar power projects, which included approximately $1.10 billion of non-recourse borrowings, were $1.30 billion as of June 30, 2017, compared to $1.20 billion as of March 31, 2017.
Business Outlook
For Q3 2017, Canadian Solar is forecasting total solar module shipments to be in the range of approximately 1.65 GW to 1.70 GW, including approximately 86 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in the upcoming quarter. Canadian Solar's total revenue for Q3 2017, which includes revenue from both of its solar module sales and energy business, is expected to be in the range of $805 million to $825 million. Gross margin is expected to be between 15% and 17% for Q3 2017.
Canadian Solar reiterated its expectation for total module shipments in 2017 to be in the range of 6.0 GW to 6.5 GW. The Company continues to expect it will connect approximately 1 GW to 1.2 GW of new solar projects globally in 2017, based on the commercial operation date (COD).
Stock Performance
On Friday, September 01, 2017, the stock closed the trading session at $16.10, advancing 2.48% from its previous closing price of $15.71. A total volume of 642.91 thousand shares have exchanged hands. Canadian Solar's stock price surged 26.87% in the last three months, 17.18% in the past six months, and 24.13% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 32.18%. The stock is trading at a PE ratio of 38.06. At Friday's closing price, the stock's net capitalization stands at $925.11 million.
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