Canadian Solar cuts FY24 revenue view to $6.5B-$7.5B from $7.3B-$8.3B

Consensus $7.56B. The company said, “For the full year of 2024, the Company expects total module shipments to be in the range of 32 GW to 36 GW and CSI Solar’s total battery energy storage shipments in the range of 6.5 GWh to 7.0 GWh, including approximately 1 GW and 2.5 GWh respectively to the Company’s own projects. The Company’s total revenue is expected to be in the range of $6.5 billion to $7.5 billion.” Shawn Qu, Chairman and CEO, commented, “While we continue to navigate challenging market conditions, our focus remains on sustainable, profitable growth. We are beginning to see signs of market rationalization, as module pricing and input costs reach record lows. In line with our commitment to strategic future planning, we are adjusting certain capacity investments to ensure a resilient financial profile. We anticipate stabilization in the second half of the year. Although global economic and political uncertainties will likely persist in the coming months, we have consistently managed risk effectively for our shareholders, partners, and customers in the past-and we remain committed to doing so going forward.”