Canadian Solar Guides Q1, FY21 Revenues Above Estimates; Targeting IPO - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter and fiscal 2020 on Thursday, Canadian Solar Inc. (CSIQ) initiated revenue and module shipments outlook for the full-year 2021 and provided guidance also for the first quarter of fiscal 2021.

For the first quarter, the company expects total revenue in a range of $1.0 billion to $1.10 billion and total module shipments in a range of 3.0 GW to 3.2 GW.

For fiscal 2021, the company now projects total revenue in a range of $5.6 billion to $6.0 billion and reiterates total module shipments guidance in a range of 18 GW to 20 GW.

On average, analysts polled by Thomson Reuters expect the company to report revenues of $975.16 million for the quarter and $4.93 billion for the year.

In 2021, the company said it will start delivering at scale and expect to capture around 10% of the battery storage market in the U.S. alone, based on Wood Mackenzie market estimates.

The company also said it is on track on the carve-out IPO of CSI Solar, as it completed all targeted milestones to date. It is working on the official listing application which it expects to submit to regulatory authorities and the stock exchange in April.