Canadian Solar (CSIQ) reported quarterly earnings results on Thursday, Aug-18-2016. The company said it had a profit of $0.68 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.29. Analysts had a consensus of $0.39. The company posted revenue of $805.90 million in the period, compared to analysts expectations of $732.21 million. The company’s revenue was up 26.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS.
Many Wall Street Analysts have commented on Canadian Solar. Shares were Downgraded by Morgan Stanley on Aug 3, 2016 to ” Underweight” and Lowered the Price Target to $ 12.80 from a previous price target of $24 .
Canadian Solar closed down -0.87 points or -6.65% at $12.21 with 60,11,317 shares getting traded on Wednesday. Post opening the session at $12.9, the shares hit an intraday low of $12.12 and an intraday high of $13.08 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.
Canadian Solar Inc. is a solar power company which designs develops and manufactures solar wafers solar cells and solar power products. The Company’s solar power products include standard solar modules and specialty solar products. It has two segments: module segment and energy segment. The Company’s module segment primarily involves design development manufacture and sales of solar power products and solar system kits. The Company’s energy segment involves solar power project development engineering procurement and construction services operations and maintenance services and electricity revenue generation. Its products include a range of solar modules for use in residential commercial and industrial solar power generation systems. Its specialty solar products consist of solar modules that the customers incorporate into their own products and complete specialty products such as portable solar home systems. The Company sells its products under Canadian Solar brand name.