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Canadian Solar shares shine after doubling revenue in its first quarter

The solar energy company recently announced a solar project in India's Bagalkot district
Solar panel, energy
The company beat analyst estimates on earnings and revenue

Canadian Solar Inc (NASDAQ:CSIQ) announced better-than-expected first quarter earnings before the bell on Wednesday, more than doubling its net revenue.

The solar energy company reported earnings of US$0.72 per share on revenue of US$1.42bn compared with a loss of US$0.23 per share on revenue of US$677mln in the previous year’s first quarter.

The Ontario-based company beat Wall Street estimates of US$0.47 EPS on revenue of $1.33bn.

In the U.S., the company sold three solar power plants to the Korea Electric Power Corporation in a US$720mln deal. In the U.K., the company sold 142 MWp of solar power plants to Greencoat Capital LLP for US$267.7mln.

READ: Vivint Solar shares tumble after it posts larger-than-expected 1Q loss on shrinking revenue

“On the energy business side, we are pleased to have completed the sale of three solar power plants in the U.S. to KEPCO, reflecting the attractiveness of our global power assets. We further diversified our utility scale solar power project pipeline geographically into Australia, South Korea and Argentina, as we executed on additional growth opportunities,” said CEO Shawn Qu.

In the second quarter, the company expects revenue to be between US$690mln and US$730mln.

Canadian Solar is moving into India, providing power via a 35 MWp open access solar project in the Bagalkot district of Karnataka.

The energy company also completed US$16mln in financing for its commercial and industrial portfolio with Tata Cleantech Capital Limited, an infrastructure finance company focusing on the clean technology space.

Shares of the company were down nearly 2% to US$16.54 in Wednesday pre-market trading.

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