Brokerages predict that Canadian Solar Inc. (NASDAQ:CSIQ) will announce $990.44 million in sales for the current quarter, according to Zacks. Three analysts have issued estimates for Canadian Solar’s earnings, with the highest sales estimate coming in at $995.32 million and the lowest estimate coming in at $986.00 million. Canadian Solar reported sales of $650.59 million in the same quarter last year, which indicates a positive year-over-year growth rate of 52.2%. The business is expected to announce its next quarterly earnings results on Tuesday, August 13th.
According to Zacks, analysts expect that Canadian Solar will report full year sales of $3.70 billion for the current fiscal year, with estimates ranging from $3.67 billion to $3.73 billion. For the next fiscal year, analysts expect that the company will post sales of $4.02 billion, with estimates ranging from $3.87 billion to $4.25 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Canadian Solar.
Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, May 30th. The solar energy provider reported ($0.29) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.15. The firm had revenue of $484.70 million during the quarter, compared to the consensus estimate of $468.25 million. Canadian Solar had a return on equity of 12.92% and a net margin of 6.29%. The business’s quarterly revenue was down 46.2% on a year-over-year basis. During the same period last year, the company earned $0.72 earnings per share.
Institutional investors and hedge funds have recently modified their holdings of the company. Financial Gravity Wealth Inc. bought a new position in shares of Canadian Solar during the first quarter worth about $26,000. Macquarie Group Ltd. bought a new position in shares of Canadian Solar during the fourth quarter worth about $118,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Canadian Solar by 260.2% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 7,463 shares of the solar energy provider’s stock worth $139,000 after acquiring an additional 5,391 shares during the last quarter. Nordea Investment Management AB bought a new position in shares of Canadian Solar during the fourth quarter worth about $149,000. Finally, Deutsche Bank AG raised its position in shares of Canadian Solar by 526.9% during the fourth quarter. Deutsche Bank AG now owns 13,691 shares of the solar energy provider’s stock worth $196,000 after acquiring an additional 11,507 shares during the last quarter. Institutional investors own 40.69% of the company’s stock.
Canadian Solar stock traded up $0.21 during trading hours on Tuesday, hitting $20.94. The stock had a trading volume of 407,144 shares, compared to its average volume of 579,437. The company has a current ratio of 1.01, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $1.24 billion, a PE ratio of 6.38, a price-to-earnings-growth ratio of 0.27 and a beta of 2.28. Canadian Solar has a one year low of $12.30 and a one year high of $25.89. The business has a 50 day moving average of $21.35.
Canadian Solar Company Profile
Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.
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