Canadian Solar reported fourth-quarter earnings early Tuesday that topped estimates on the top and bottom lines as shipments of solar modules climbed 68%. CSIQ stock soared on the news.
The company reported adjusted earnings of $1.11 a share on revenue of $1.97 billion. Analysts expected Canadian Solar to report earnings of 70 cents a share on revenue of $1.92 billion. Revenue rose 29% from the year-ago period while earnings catapulted 185%. For the year, revenue climbed 42% to $7.47 billion.
CSIQ stock jumped 15%, closing at 41.25 on the stock market today.
Shipments of solar modules climbed 68% from the year-ago period to 6.4 gigawatts, above Canadian Solar's outlook for 6.1 gigawatts.
Canadian Solar builds a range of solar modules for use in residential, commercial and industrial solar-power generation systems.
Also, the company expects revenue this year to be in the range of $8.5 billion to $9.5 billion, below FactSet estimates of $9.6 billion.
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