Will Canadian Solar Meet Analysts’ 3Q16 Expectations?

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Will Canadian Solar Meet Analysts’ 3Q16 Expectations? PART 1 OF 6

What to Expect from Canadian Solar’s 3Q16 Earnings

Series overview

Canadian Solar (CSIQ) is set to announce its 3Q16 earnings results on November 21, 2016, before market hours. In this series, we’ll look at analysts’ expectations for Canadian Solar’s 3Q16 earnings. We’ll discuss factors that led analysts to arrive at these expectations. We’ll also look at the company’s 2016 guidance and the key indicators that investors should look for in upcoming earnings.

What to Expect from Canadian Solar’s 3Q16 Earnings

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Canadian Solar’s stock performance

Since its 2Q16 earnings release on August 18 through November 14, 2016, Canadian Solar’s stock price lost nearly 17%. The stock prices of other major solar (TAN) companies such as First Solar (FSLR), SunPower (SPWR), and Trina Solar (TSL) witnessed a similar trend during the same period. SunPower (SPWR) stock was the top loser among the company’s peers. SPWR stock fell nearly 34%. In contrast, First Solar and Yingli Solar (YGE) lost 12% and 17%, respectively.

The Guggenheim Solar ETF (TAN) tracks the broad-based solar market. It lost nearly 19% during the same period.

Developments after 2Q16 results

3Q16 marked the beginning of commercial operation of 160 MWAC (megawatt alternate current output capacity) of US solar photovoltaic projects by Canadian Solar’s wholly owned subsidiary, Recurrent Energy. On August 23, 2016, Canadian Solar announced the commercial operation of the 100-MWAC Mustang solar power project in Kings County, California. According to a company press release, the power generated from this project will be sold to Sonoma Clean Power and MCE under long-term PPAs (power purchasing agreements).

Also, Recurrent Energy completed its 200 MWAC Tranquillity solar power project and began commercial operation of its 60 MWAC Barren Ridge Solar Power Project in California during 3Q16.

Next, let’s see how analysts rate Canadian Solar.


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