Canadian Solar Inc could be a bright spot for investors amid the recent market turmoil when it posts its fourth quarter fiscal 2022 results before the opening bell on Tuesday.
The Guelph, Ontario-based solar technology and renewables energy company in late February released selective preliminary unaudited results for the fourth quarter.
Higher-than-expected module shipments are expected to bolster the company’s top line during the quarter, Canadian Solar said.
Increased project monetization, buoyed by improving economic activities and growing demand for solar installations, particularly in the US in recent months, may also have benefited revenues, the company noted.
The company said it expects total revenue of approximately $1.97 billion, exceeding the guidance range of $1.8 to $1.9 billion.
Net income is expected to come in at approximately $70 million, Canadian Solar said.
The Street expects the company to report earnings per share of $0.96 on revenue of $1.97 billion.
Investors will be looking out for an earnings beat, with Canadian Solar delivering an upside surprise of 93.1% in 3Q fiscal 2022, according to Zacks Equity Research.
For the trailing four quarters, the company has delivered an average earnings surprise of 117.68%, Zacks said.
Canadian Solar shares added 2.4% at US$35.87 on Monday afternoon.
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