Canadian Solar, Inc. (CSIQ) reported Thursday than net income attributable to Canadian Solar for the second quarter was $7.20 million or $0.08 loss per share, compared to net income of $3.82 million or $0.02 per share in the prior-year quarter. Excluding items, adjusted loss for the quarter was $0.53 per share, compared to adjusted earnings of $0.02 per share in the year-ago quarter.
On average, analysts expected the company to report earnings of $0.87 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter increased 4 percent to $1.69 billion from $1.64 billion in the same quarter last year. Analysts expected revenues of $1.90 billion for the quarter.
Total module shipments recognized as revenues declined 4 percent to 7.9 GW, off which 672 MW were shipped to the Company's own utility-scale solar power projects.
Looking ahead for the third quarter, the company expects total revenue to be in the range of $1.3 billion to $1.5 billion. Analysts expect revenues of $1.65 billion for the quarter.
Total module shipments recognized as revenues by CSI Solar for the quarter are expected to be in the range of 5.0 GW to 5.3 GW and Total battery energy storage shipments in the range of 2.1 GWh to 2.3 GWh.
For fiscal 2025, the Company now projects revenues between $5.6 billion and $6.3 billion on CSI Solar's total module shipments in the range of 25 GW to 27 GW and total battery energy storage shipments in the range of 7 GWh to 9 GWh.
Previously, the company expected revenues between $6.1 billion and $7.1 billion on CSI Solar's total module shipments in the range of 25 GW to 30 GW and total battery energy storage shipments in the range of 7 GWh to 9 GWh.
The Street is looking for revenues of 6.27 billion for the year.
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