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Canadian Solar Reports Strong Q1, Reduces Full-Year Guidance by 22% Amid Falling Module Prices and Improved Margins.

Solar manufacturer Canadian Solar Inc (NASDAQ:CSIQ) has reported a strong Q1 performance, with shipments, revenue, and gross margin in line with expectations. However, the company reduced its full-year guidance by 22% due to a decrease in module prices. Net income attributable to Canadian Solar was USD 12 million (EUR 11.2m), down from USD 84 million a year ago, an improvement from the previous quarter’s net loss. Total module shipments increased by 4% year-over-year to 6.3 GW. Gross margin improved to 19% from 18.7% in the first quarter of 2023, aided by lower manufacturing costs. For the second quarter, revenue is expected to be in the range of USD 1.5 billion to $ 1.7 billion and total battery energy storage shipments between 1.4 GWh and 1.6 GWh.

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