Canadian Solar Raises Q4 Revenue Outlook - Quick Facts

(RTTNews) - Canadian Solar Inc. (CSIQ) said Wednesday that it plans to report its financial results for the fourth quarter and full year 2018 on Thursday, March 21, 2019.

For the fourth quarter, the company now projects net revenue in a range of $850 million to $900 million, up from the prior range of $690 million to $800 million.

On average, analysts polled by Thomson Reuters expect the company to report revenues of $761.20 million for the quarter. Analysts' estimates typically exclude special items.

The company now expects its shipments for the fourth quarter in a range of 1.90 GW to 1.95 GW, compared to the previous guidance of 1.67 GW to 1.72 GW, and its gross margin to be in a range of 27 percent to 28 percent compared to the previous guidance of 24 percent to 26 percent.

Canadian Solar said it has been closely monitoring the bankruptcy filing of Pacific Gas and Electric Co. or PG&E. While the company does not have material exposure with respect to previously sold projects, it does, however, have potential exposure with respect to 60 MWac of power purchase agreements with PG&E for a portion of the Gaskell West 2 project, which is planned to reach commercial operation in 2020.

These power purchase agreements were executed in late 2017 at very competitive prices. Further, the company has potential exposure with respect to interconnection agreements with PG&E including an early to mid-stage development project and the late-stage Slate project, which together total approximately 700 MWac.

Based on current information, the planned commercial operation dates have not been impacted for any projects in the company's pipeline, Canadian Solar said.