Is It Time To Review Stock News? Canadian Solar Inc. (NASDAQ:CSIQ)

 On Tuesday Canadian Solar Inc. (NASDAQ:CSIQ) stock recorded daily change of 3.82% to close at $17.51 with the total traded volume of 1740819 shares along average volume of 657952 shares 52 week range of the stock remained $ ISTR – 25.89 while its day low price was $16.92 and its hit its day high price at $17.74. Its previous closing value stands at $16.86. CSIQ total market capitalization is $1040741883. Currently stocks EPS is $3.88 while its price to earnings ratio is 4.51.

On Nov. 12, 2019, Canadian Solar Inc. (NASDAQ:CSIQ) one of the world’s largest solar power companies, notified financial results for the third quarter ended September 30, 2019.

Third Quarter 2019 Highlights

  • Total solar module shipments were 2,387 MW, compared to 2,143 MW in the second quarter of 2019 and third quarter 2019 guidance of 2.2 GW to 2.3 GW.
  • Net revenue was $759.9 million, compared to $1.0 billion in the second quarter of 2019 and third quarter 2019 guidance of $780 million to $810 million.
  • Gross margin was 26.2%, compared to 17.6% in the second quarter of 2019 and third quarter 2019 guidance of 24% to 26%. Gross margin was 23.0% excluding a $24.3 million countervailing duty (CVD) true-up benefit.
  • Net income attributable to Canadian Solar on a GAAP basis was $58.3 million, or $0.96 per diluted share, compared to $62.7 million, or $1.04 per diluted share, in the second quarter of 2019.
  • Net income attributable to Canadian Solar on a non-GAAP basis was $40.1 million, or $0.66 per diluted share. This excludes a $24.3 million CVD true-up benefit, net of income tax effect. For a reconciliation of results under generally accepted accounting principles in the United States (GAAP) to non-GAAP results, see the accompanying table About Non-GAAP Financial Measures.
  • Net cash provided by operating activities was approximately $22.4 million, compared to $225.8 million in the second quarter of 2019.
  • As of September 30, 2019, the Company’s portfolio of utility-scale solar power plants in operation was 795.8 MWp with an estimated total resale value of approximately $900 million.

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