Canadian Solar Inc. (NASDAQ:CSIQ) reported first-quarter results on Thursday that topped Wall Street estimates on both revenue and earnings, driven by stronger-than-expected energy storage shipments and improved margins.
Shares of the solar and Energy storage company traded lower following the results.
Revenue totaled $1.077 billion, down 10% year over year but above the analyst estimate of $950.382 million and at the high end of the company’s guidance range.
The company reported a GAAP net loss attributable to shareholders of $32 million, or 71 cents per share, compared with a loss of $34 million, or 69 cents per share, a year earlier.
The EPS result beat the analyst estimate of a loss of 73 cents per share.
The company also announced the appointment of Colin Parkin as chief executive officer, effective May 14, succeeding founder Shawn Qu, who transitioned to executive chairman …