(RTTNews) – Shares of solar power company Canadian Solar Inc. (CSIQ) are climbing more than 15% Thursday morning after the company’s fourth-quarter earnings and revenue beat estimates. The company also said it plans to continue with its share repurchasing.
Net income in the fourth quarter was $67.7 million, or $1.12 per diluted share compared with $111.6 million, or $1.81 per share in the comparable quarter last year. In year-ago quarter, the company had $6.4 million benefit of the AD/CVD true-up. On average 5 analysts polled by Thomson Reuters expected earnings of $0.45 per share.
Net revenue for the quarter increased to $920 million from $901 million in the prior-year quarter, on increased module shipments. Analysts’ view was at $865.46 million.
For the first quarter, revenue is expected to be in the range of $780 million to $810 million. The Street view is at $888.06 million.
For the full-year, total revenue is seen in the range of $3.4 billion to $3.9 billion. The consensus estimate is at $4.02 billion.
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer said, “We plan to continue with our stock repurchase program to create extra value for shareholders as recent COVID-19-related panic-selling has brought our equity valuation below book value.” Canadian Solar had announced a share buy-back program of $150 million in December last year.
CSIQ is currently trading at $17.89. It has traded in the range of $12.00- $25.35 in the past 52-weeks.
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