Canadian Solar Inc. (NASDAQ:CSIQ) on Tuesday reported record second-quarter 2023 net income of $170 million, or $2.39 per share, up from $1.07 per share a year ago and better than the analyst consensus estimate of $1.52.
The solar technology and renewable energy company said its results were boosted by about $975 million in gross proceeds from the initial public offering (IPO) of its majority-owned subsidiary CSI Solar Co, Ltd (CSI Solar) on the Shanghai Stock Exchange's Sci-Tech Innovation Board.
Canadian Solar’s net revenues for the period, meanwhile, rose 2% year over year to $2.4 billion, but fell short of the $2.49 billion consensus forecast.
"We successfully completed the IPO of our CSI Solar subsidiary, raising approximately $975 million in gross proceeds to support our ambitious growth plans across our solar and battery energy storage businesses," Canadian Solar CEO Shawn Qu said in a statement.
"We also continued to strengthen our competitive position in core markets such as the US, where we are making long-term investments and building a state-of-the-art 5 GW solar module manufacturing plant under the backdrop of the Inflation Reduction Act," he added.
Looking ahead, however, the company cut its full-year 2023 revenue guidance to between $8.5 billion and $9.0 billion, from $9.0 billion to $9.5 billion previously, and less than analyst expectations of $9.27 billion.
Shares of Canadian Solar fell 8% to $28.22 in early trading on Tuesday and are down 37% over the past 52 weeks.
Contact Sean at sean@proactiveinvestors.com