Benzinga | Nov 18, 2021 08:15AM EST

Canadian Solar Clocks 34% Revenue Growth In Q3, Issues FY22 Outlook Above Consensus

* Canadian Solar Inc (NASDAQ:CSIQ) reported third-quarter FY21 revenue growth of 34% year-on-year to $1.23 billion missing the consensus of $1.33 billion.

* Solar module shipments of 3.9 GW, up 22% Y/Y, were in line with 3.8 GW - 4.0 GW guidance.

* Margin: The gross margin contracted 90 bps to 18.6%, exceeding the company guidance of 14% - 16%

* CSI Solar's gross margin declined 480 bps to 15.1%. Global Energy's gross margin expanded by 1,200 bps to 43.7%.

* Non-GAAP EPS of $0.42 beat the consensus of $0.18.

* Canadian Solar used $29 million in operating cash flow and held $1.4 billion in cash and equivalents.

* "We believe the adverse macro conditions of higher material costs and global logistics bottlenecks are temporary," said Shawn Qu, Chairman, and CEO.

* Outlook: Canadian Solar sees Q4 revenue of $1.5 billion - $1.6 billion, below the consensus of $1.79 billion.

* Canadian Solar sees FY22 revenue of $6.5 billion - $7.0 billion, above the consensus of $6.39 billion.

* Price Action: CSIQ shares traded higher by 4.68% at $40.45 in the premarket session on the last check Thursday.