Canadian Solar shares took a hit in premarket trading on Tuesday after the company released a fourth-quarter outlook that fell short of analyst expectations. This comes after a challenging third quarter for the solar energy company.
At 6:42 a.m. ET, shares were trading nearly 15% lower at $17.90.
Canadian Solar, which is listed on the New York stock exchange, stated that it expects fourth-quarter revenue to be in the range of $1.6 billion to $1.8 billion. This figure is lower than the third quarter's revenue of $1.85 billion, which did not meet the analyst's projected increase to $2.03 billion, according to FactSet.
Analysts had expected a rise to $2.65 billion for the fourth quarter.
The company also announced that gross margin is expected to be between 14% and 16%. Additionally, its subsidiary, CSI Solar, is expected to recognize total module shipments as revenue in the range of 7.6 gigawatts to 8.1 gigawatts.
Net income for Canadian Solar plummeted to $21.9 million, or 32 cents per share, in the third quarter from $78.5 million, or $1.12 per share, in the same period a year earlier.
The decline in market demand growth during this period was attributed to the higher interest rate environment.
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