Canadian Solar Inc. (CSIQ)

[eFinanceMarkets]

Canadian Solar -9% after Q4 miss, guides Q1 revenue below consensus
Canadian Solar (CSIQ -9.2%) plunges more than 9% after missing expectations for both Q4 earnings and revenues, and guiding Q1 revenues below consensus.
CSIQ says it expects Q1 revenues of $570M-$590M vs. $683M analyst consensus estimate, with gross margin of 13%-15%, and sees FY 2017 revenues of $4B-$5B vs. $3.36B consensus.
CSIQ says total solar module shipments set a record high at 1,612 MW, vs. guidance of 1,400-1,500 MW, of which 1,581 MW were recognized in revenue, compared to 1,161 MW recognized in revenue in Q3.
For FY 2017, CSIQ expects total module shipments of 6.5-7 GW, with ~6.17 GW recognized in revenue, and expects to connect 1-1.2 GW of new solar projects globally in 2017.