By Sam Boughedda
Investing.com -- Canadian Solar Inc (NASDAQ:CSIQ) announced its fourth-quarter and full-year earnings on Thursday, with its shares gaining 3.11% after the report.
The company missed on both earnings per share and revenue forecasts. Revenue came in at $1.53 billion, missing analyst estimates of $1.59 billion. Furthermore, earnings per share came in at 17 cents, missing predictions of 42 cents.
Solar module shipments of 3.8 GW were in line with company's guidance of between 3.7 GW to 3.9 GW.
The manufacturer of solar projects reported full-year revenue grew by 52% to $5.3 billion, and net income reached $95 million for 2021
"We ended 2021 on a high note, delivering 47% year-over-year revenue growth and a nearly 20% gross margin in the fourth quarter," commented Shawn Qu, chairman, and CEO of Canadian Solar. "Over the past decade, we have consistently been a top 5 global module manufacturer and have pioneered numerous solar crystalline PV technology advancements as well as business model innovations."
The company sees project sales for the first quarter of 2022 to expand at a 20% annual rate until 2025. In addition, total revenues are expected to be in the range of $1.25 billion to $1.35 billion.
For the full year, it expects revenues to be in the range of $7 billion to $7.5 billion, increasing from the previous guidance of between $6.5 billion to $7 billion.