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Shares of Canadian Solar (CSIQ.US) fell more than 6% in pre-market trading after the company reported lower-than-expected Q2 earnings.

AInvestThursday, Aug 22, 2024 8:40 am ET
1min read

Arctech Solar (CSIQ.US) released its second quarter earnings report before the market opened on August 22. The data showed that the Q2 revenue decreased by 30.5% YoY to $1.64 billion, slightly higher than the market's expectation of $1.63 billion, and the GAAP EPS was $0.02, slightly lower than the expectation of $0.10. The solar module shipments were 8.2 GW, higher than the previous guidance of 7.5 GW to 8.0 GW.

As of the time of writing, Arctech Solar was up 6.80% pre-market, trading at $13.57.

For the third quarter of 2024, Arctech Solar expects total revenue to be between $1.6 billion and $1.8 billion. Gross margin is expected to be between 14% and 16%. Total module shipments recognized as revenue are expected to be between 9.0 GW and 9.5 GW, including approximately 100 MW of company-owned projects. Total battery storage shipments are expected to be between 1.4 GWh and 1.7 GWh, including approximately 1.2 GWh of company-owned projects.

Looking ahead to the full year of 2024, the company expects total module shipments to be between 32 GW and 36 GW, and total battery storage shipments to be between 6.5 GWh and 7.0 GWh, including approximately 1 GW and 2.5 GWh of company-owned projects. The company expects total revenue to be between $6.5 billion and $7.5 billion.

CEO and Chairman Shawn Qu said, "We delivered a strong second quarter in 2024, with shipments, revenue and gross margin meeting or exceeding our prior guidance. We have now reached our optimal scale, large enough to maintain a highly competitive cost structure while still nimble enough to quickly adapt to industry dynamics."

"In our module business, from strategic capacity investments to rigorous order management, we have continued our disciplined operating approach. We are also preparing for sustainable long-term growth through our e-STORAGE battery storage business and our global project development platform, Recurrent Energy."

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