Canadian Solar Posts $1.40 Q2 Loss Per Share
CSIQ sits 53% above its 52-week low of $9.41.
Summary
Canadian Solar reported a Q2 loss of $1.40 per share, a significant miss that will pressure the stock. Revenue was $1.21 billion, beating expectations, helped by strength in energy storage shipments. The loss came as solar panel shipments declined. The company has been expanding manufacturing and project development, but this loss indicates profitability challenges. The market cap is under $1 billion, so a loss of this magnitude is material. Investors will look for details on revenue and guidance in the full release.
At the time of this announcement, CSIQ was trading at $14.38 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $969.6M. The 52-week trading range was $9.41 to $34.59. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.