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Canadian Solar Beats Q1 Views; Yingli Ducks SunEd Bankruptcy Path

Canadian Solar ( CSIQ ) stock rocketed Wednesday on an across-the-board Q1 beat, as fellow solar panel-maker Yingli Green Energy Holding ( YGE ) announced it can’t repay 1.7 billion yuan ($263 million) in loans due Thursday. Yingli also reported fiscal Q4 sales and module shipments that missed Wall Street views, but better-than-expected losses. Canadian Solar stock, which touched an eight-month low Tuesday, was up 13% in morning trading Wednesday, near 17.50. Yingli stock, which has traded below 5 all year, was up a fraction in morning trading on the stock market today . IBD’s 20-company Energy-Solar industry group, which hit a three-year low Tuesday, was up 2.5% on Canadian Solar’s Q1 beat. And Chinese solar manufacturers JinkoSolar ( JKS ), Trina Solar ( TSL ) and JA Solar ( JASO ) were up 5%, 4% and 2.5%, respectively, on Yingli’s report. For Q1, Canadian Solar reported $721.4 million in sales and 39 cents earnings per share ex items, down a respective 16% and 62.5% vs. the year-earlier quarter, the fourth straight quarter of declines for both metrics. Still, both measures topped the consensus of 10 analysts polled by Thomson Reuters for $663.7 million and 14 cents. Canadian Solar reported 1.198 gigawatts in module shipments, down 3%, but beating its own views for 1.085 GW to 1.135 GW. Current-quarter guidance for $710 million to $760 million would be up 15% at the midpoint and beats the consensus for $702.4 million. Module shipments were guided up 44% vs. the year-earlier quarter to 1.2 GW to 1.25 GW. Yingli Debts Under Negotiation Yingli said early Wednesday it’s negotiating with creditors to restructure its medium-term loans which mature Thursday. The company is also “negotiating privately with potential strategic investors” and considering selling assets to improve its debt-to-equity ratio. Potential asset sales include land-use rights for which subsidiary Hainan Yingli received 265 million yuan ($40.8 million) in 2015 and expects the balance of 470 million yuan $72.3 million) this year. The company has reported year-over-year quarterly losses since December 2011. Its loan negotiations follow a month after giant U.S. solar developer SunEdison filed for bankruptcy after technically defaulting — unless extensions were granted — on $725 million in second-lien loans. For its fiscal Q4 ended Dec. 31, Yingli reported $325.7 million in sales and a 71-cent per-share loss ex items. Sales fell 41% year over year, but losses shrank from a $4.90 per-share loss in the year-earlier quarter. The consensus modeled $372.3 million and a $1.48 per-share loss ex items. Yingli wrapped up fiscal 2015 with $1.54 billion in sales, down 26%, and a $1.98 per-share loss minus items vs. $12.10 in year-ago losses. Analysts expected $1.63 billion and a $31.30 per-share loss. On a year-over-year basis, module shipments for fiscal Q4 and the year fell 51% and 27%, respectively, to 460.4 megawatts and 2.45 GW. For the current quarter, Yingli guided to 480 MW to 510 MW in module shipments, down 34% at the midpoint. Wall Street view $414.4 million in fiscal Q1 sales, down 12%, and a $1.11 per-share loss ex items, shrinking from $3.60 in the year-earlier quarter.

Canadian Solar’s Sales, EPS Expected To Decline For Fifth Time

Canadian Solar ( CSIQ ) stock continued a nine-day losing streak Tuesday — toppling amid a broad solar inferno — ahead of its Q1 report slated early Wednesday when analysts expect the panel-maker to report a fifth straight quarter of declining sales and earnings. Midday on the stock market today , Canadian Solar stock fell 2%, drawn down on SolarCity ( SCTY ) and Vivint Solar ‘s ( VSLR ) disappointing Q1 reports late Monday. SolarCity and Vivint Solar stocks fell 25% and 5%, respectively. Year-to-date, Canadian Solar stock is down 47%. For Q1, the consensus of 10 analysts polled by Thomson Reuters expects Canadian Solar to report $663.7 million in sales and 14 cents earnings per share minus items, down 23% and 87%, respectively, vs. the year-earlier quarter. Canadian Solar’s sales and EPS have declined for four straight quarters, on a year-over-year basis. Previously, Canadian Solar guided to $645 million to $695 million in Q1 sales, and 1.085 gigawatts to 1.135 GW in module shipments, which would be down 10% at the midpoint vs. the year-earlier quarter. The company also expects 15 megawatts in shipments to its utility-scale solar projects, but revenue from that may not be recognized in Q1.

Canadian Solar Topples On Disappointing Q1, 2016 Sales Outlook

Canadian Solar ’s ( CSIQ ) Q4 growth spurt could be short-lived. The solar panel maker early Thursday guided to Q1 and 2016 sales that missed analysts’ expectations and would be less than year-earlier metrics. In early trading on the stock market today , Canadian Solar stock gapped down as much as 10% before settling down 8%, near 20. Shares now are down 31% for the year even after rising nearly 50% in the latter half of February. For Q4, Canadian Solar reported $1.05 earnings per share ex items on a record $1.12 billion in sales, down 22% and up 17%, respectively, vs. the year-earlier period. Total shipments busted another record at 1.43 gigawatts, up 27%. Sales and EPS topped the consensus of nine analysts polled by Thomson Reuters for $1.04 billion and 76 cents. Last month, Canadian Solar upped its guidance to $1.02 billion to $1.07 billion and 1.35 GW to 1.4 GW. The bottom line improved from 72% and 62% year-over-year declines in Q3 and Q2, respectively. Canadian Solar wrapped up 2015 with $3.47 billion in sales, up 17%, and $2.93 EPS minus items, down 29%. Both measures beat the consensus model for $3.38 billion and $2.62. The company previously guided to $3.35 billion to $3.4 billion in sales. Total shipments reached 4.7 GW, growing 51% and topping the Canadian Solar’s guidance for 4.63 GW to 4.68 GW. But Q1 and 2016 guidance lagged the consensus, indicating Canadian Solar’s Q4 success might not repeat this quarter. IBD’s Energy-Solar industry group, however, was flat in early trading Thursday, and industry leaders First Solar ( FSLR ) and SunPower ( SPWR ) were up a fraction and down a fraction, respectively. For the current quarter, Canadian Solar guided to $645 million to $695 million in sales and 1.085 GW to 1.135 GW in solar module shipments, down 22% and 10%, respectively, at the midpoints of guidance. The sales guide fell well short of the consensus for $803 million. Analysts model a 59% year-over-year decline in EPS ex items at 43 cents. It would be Canadian Solar’s fourth consecutive quarter of declining EPS. And Canadian Solar’s 2016 sales outlook for $2.9 billion to $3.1 billion fell far short of consensus expectations for $3.69 billion and would be down 13.5% at the midpoint of guidance. Total shipments of 5.4 GW to 5.5 GW would be up 16%. Analysts expect EPS ex items to climb 4% to $3.06 in 2016. The company doesn’t give EPS guidance. Image provided by Shutterstock .