Canadian Solar Inc. (NASDAQ:CSIQ) Expected to Announce Quarterly Sales of $990.44 Million

Brokerages expect Canadian Solar Inc. (NASDAQ:CSIQ) to post $990.44 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Canadian Solar’s earnings. The highest sales estimate is $995.32 million and the lowest is $986.00 million. Canadian Solar reported sales of $650.59 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 52.2%. The company is expected to report its next earnings results before the market opens on Thursday, August 15th.

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 financial year, analysts forecast that the firm will post sales of $4.02 billion, with estimates ranging from $3.87 billion to $4.25 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Canadian Solar.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, August 15th. The solar energy provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.54. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $990.29 million. Canadian Solar had a return on equity of 12.92% and a net margin of 6.29%. Canadian Solar’s quarterly revenue was up 59.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 EPS.

CSIQ has been the topic of a number of analyst reports. JPMorgan Chase & Co. set a $25.00 target price on Canadian Solar and gave the company a “hold” rating in a report on Friday, June 21st. ValuEngine cut Canadian Solar from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. BidaskClub upgraded Canadian Solar from a “hold” rating to a “buy” rating in a report on Saturday, August 3rd. Finally, Zacks Investment Research upgraded Canadian Solar from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Thursday, June 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. Canadian Solar has an average rating of “Hold” and an average target price of $22.50.

Hedge funds have recently bought and sold shares of the company. Schroder Investment Management Group increased its position in shares of Canadian Solar by 48.3% during the second quarter. Schroder Investment Management Group now owns 4,096,857 shares of the solar energy provider’s stock worth $89,435,000 after acquiring an additional 1,334,899 shares during the last quarter. Morgan Stanley increased its position in shares of Canadian Solar by 3.0% during the second quarter. Morgan Stanley now owns 3,113,501 shares of the solar energy provider’s stock worth $67,967,000 after acquiring an additional 91,677 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Canadian Solar by 12.1% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,629,322 shares of the solar energy provider’s stock worth $35,568,000 after acquiring an additional 176,171 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Canadian Solar by 5.4% during the second quarter. Vanguard Group Inc. now owns 1,615,283 shares of the solar energy provider’s stock worth $35,261,000 after acquiring an additional 82,778 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Canadian Solar during the fourth quarter worth about $17,966,000. Institutional investors and hedge funds own 41.10% of the company’s stock.

NASDAQ:CSIQ traded up $2.48 during trading hours on Thursday, reaching $23.08. 4,331,971 shares of the company traded hands, compared to its average volume of 823,957. The firm’s 50-day moving average is $21.37 and its 200-day moving average is $20.76. The stock has a market cap of $1.26 billion, a P/E ratio of 7.04, a P/E/G ratio of 0.27 and a beta of 2.22. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.88. Canadian Solar has a 1-year low of $12.69 and a 1-year high of $25.89.

About Canadian Solar

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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