TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
Canadian Solar (NASDAQ:CSIQ) reported Q2 EPS of $1.07, $0.59 better than the analyst estimate of $0.48. Revenue for the quarter came in at $2.3 billion versus the consensus estimate of $2.23 billion.
- Solar module shipments of 5.06 GW, at the high end of 4.9 GW to 5.1 GW guidance range.
- 62% increase in revenue year-over-year ("yoy") to $2.31 billion, above the high end of $2.2 billion to $2.3 billion guidance range.
- 16.0% gross margin exceeds the guidance range of 14.5% to 15.5%.
- Net income attributable to Canadian Solar of $74 million, or $1.07 per diluted share.
- Accelerating upstream capacity expansion plans to further increase control over supply chain.
- Global Energy solar project pipeline expands to 26 GWp and storage pipeline expands to over 31 GWh, as of June 30, 2022.
- Carve-out IPO of CSI Solar Co., Ltd. ("CSI Sola" or the "CSI Solar subsidiary") remains on track awaiting completion of the CSRC registration.