Canadian Solar reports Q4 and full-year 2024 results

Canadian Solar Inc. (NASDAQ:CSIQ), a leading global manufacturer of solar photovoltaic modules and provider of solar energy solutions, has filed its report for the fourth quarter and full year of 2024 today with the Securities and Exchange Commission. The document, submitted as a 6-K form, details the company’s financial performance and business developments. The company, currently trading at $9.71 and near its 52-week low, carries a market capitalization of $642 million. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value metrics.

For the fourth quarter, Canadian Solar reported a rise in revenue, attributing the growth to increased product demand and expansion in key markets. The company’s gross margin of 16.39% improved compared to the same quarter in the previous year, reflecting efficiencies in production and cost management. Net income for the quarter also saw a significant increase, bolstering the company’s financial position, though InvestingPro data reveals the company operates with a substantial debt burden of $5.36 billion. For deeper insights into Canadian Solar’s financial health and 13 additional ProTips, consider exploring InvestingPro’s comprehensive analysis.

The full-year results present a mixed picture, with Canadian Solar’s revenue actually declining by 21.68% over the last twelve months. Despite this challenge, the company maintains a notably low Price-to-Book ratio of 0.22, suggesting potential value for investors. Canadian Solar credited its strategic initiatives and diversified portfolio for maintaining stability in a competitive global market.

Canadian Solar’s Chairman and Chief Executive Officer, Shawn (Xiaohua) Qu, stated, "Our consistent investment in technology and global infrastructure has delivered tangible results, as evidenced by our strong performance in the fourth quarter and throughout 2024." Gain exclusive access to Canadian Solar’s detailed Pro Research Report, along with 1,400+ other top stocks, through an InvestingPro subscription.

The company’s business address is 4273 King Street East, Suite 102, Kitchener, Ontario, N2P 2E9, Canada, and it operates under the semiconductor and related devices industry classification.

Investors and stakeholders can find Canadian Solar’s detailed financial statements and additional information in the complete 6-K filing. The report provides a comprehensive overview of the company’s financial health and operational achievements.

This news article is based on a press release statement and aims to present the key facts from Canadian Solar’s recent SEC filing without any endorsement of claims.

In other recent news, Canadian Solar reported mixed financial results for the fourth quarter. The company achieved revenue of $1.67 billion, surpassing analyst expectations of $1.64 billion. However, Canadian Solar experienced a wider-than-expected adjusted loss per share of $1.47, compared to the anticipated $0.03 loss per share. This was largely due to impairment charges and trade-related duties and tariffs. Looking ahead, Canadian Solar forecasts first-quarter revenue between $1 billion and $1.2 billion, which is below analysts’ predictions of $1.59 billion. The company also provided guidance for full-year 2025 revenue to be between $7.3 billion and $8.3 billion, slightly below analyst projections of $7.46 billion. In terms of shipments, Canadian Solar delivered 8.2 gigawatts of solar modules in the fourth quarter and achieved record shipments of 2.2 gigawatt-hours in its battery energy storage solutions business. The company ended the year with $2.3 billion in cash on its balance sheet.

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