-=Canadian Solar (CSIQ) reported earnings on Thur 15 Aug 2019 (b/o)

Canadian Solar beats by $0.42, beats on revs; reaffirms FY19 revs guidance; Q2 shipments above guidance; raises FY19 shipment guidance

Reports Q2 (Jun) earnings of $0.77 per share, excluding non-recurring items, $0.42 better than the S&P Capital IQ Consensus of $0.35; revenues rose 59.4% year/year to $1.04 bln vs the $0.99 bln S&P Capital IQ Consensus.

Total solar module shipments in the second quarter of 2019 were 2,143 MW, compared to 1,575 MW in the first quarter of 2019 and second quarter 2019 guidance of 1.95 GW to 2.05 GW. Total solar module shipments in the second quarter of 2019 included 65 MW shipped to the Company's utility-scale solar power projects. Module shipments recognized in revenue in the second quarter of 2019 totaled 2,376 MW, compared to 1,423 MW in the first quarter of 2019 and 1,454 MW in the second quarter of 2018.For the full year 2019, the Company now raises its guidance for total module shipments to the range of approximately 8.4 GW to 8.5 GW from the previous guidance of 7.4 GW to 7.8 GW.

Co issues downside guidance for Q3, sees Q3 revs of $780-810 mln vs. $1.03 bln S&P Capital IQ Consensus.  For the third quarter of 2019, the Company expects total solar module shipments to be in the range of 2.2 GW to 2.3 GW, including approximately 160 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in the third quarter of 2019. The aforementioned revenue forecast does not include the potential sales of a project that may be completed in the third quarter. If the transaction is closed in time, total revenue for the third quarter is expected to be in the range of $970 mln to $1 bln and gross margin between 27% and 29%.

Coreaffirms guidancefor FY19, sees FY19 revs of $3.5-3.8 bln vs. $3.72 bln S&P Capital IQ Consensus.  For the full year 2019, the Company now raises its guidance for total module
shipments to the range of approximately 8.4 GW to 8.5 GW from the previous guidance of 7.4 GW to 7.8 GW.