Canadian Solar Inc. (CSIQ), while reporting higher fourth-quarter earnings and revenues, on Tuesday issued first- quarter revenue outlook, below market estimates, and lower than sequential fourth quarter. Further, the company sees higher revenues in fiscal 2023, but below market.
For the first quarter of 2023, the company expects total revenue to be in the range of $1.6 billion to $1.8 billion. In the sequential fourth quarter, revenues were $1.97 billion.
On average, four analysts polled by Thomson Reuters expect revenues of $1.95 billion for the quarter. Analysts' estimates typically exclude special items.
Gross margin for the first quarter is expected to be between 18 percent to 20 percent. Total module shipments recognized as revenues by CSI Solar are expected to be in the range of 5.9 GW to 6.2 GW, including approximately 133 MW to the Company's own projects.
Shawn Qu, Chairman and CEO, said, "The first quarter of the year is always seasonally softer and thus we expect an acceleration in end market demand through the year as the large global pipeline of customer projects are executed. Margins are taking a turn for the better as we continue to deliver on our vertical integration and cost reduction programs, further helped by lower raw material input costs."
Further, for the fiscal 2023, the company's total revenue is expected to be in the range of $8.5 billion to $9.5 billion. In 2022, revenues were $7.47 billion. Analysts expect $9.88 billion for the year.
Canadian Solar reiterated its prior outlook for CSI Solar's total module shipments to be in the range of 30 GW to 35 GW. CSI Solar's battery storage shipments are expected to be in the range of 1.8 GWh to 2.0 Gwh.
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