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Canadian Solar reports Q1 net loss

Canadian Solar Inc. on June 6 reported first-quarter results of a non-GAAP net loss attributable to the company of $6 million, or a loss of 10 cents per diluted share. The S&P Capital IQ consensus normalized estimate of for Canadian Solar for the first quarter is a loss of 27 cents per share.

On a GAAP basis, Canadian Solar booked a net loss attributable to the company of $13.3 million, or negative 23 cents per diluted share, compared to net income of $22.6 million, or 39 cents per diluted share, in the first quarter of 2016, according to a news release.

Canadian Solar generated $677 million in first-quarter net revenues, up 1.3% year over year, and gross margin of 13.5%, down from 15.6% in the first quarter of 2016. The revenues beat guidance of $570 million to $590 million.

For the second quarter of 2017, Canadian Solar is targeting revenues of between $615 million and $635 million, with gross margin expected to be between 13% and 15%.

The solar manufacturer and developer also reported $55.8 million in first-quarter net cash used in operating activities. Loss from operations was down to $2.3 million in first-quarter 2017 compared to income from operations of $38.4 million in the first quarter of 2016.

The company reported $93.7 million in total operating expenses, up 26.5% when compared to the same quarter of 2016 and up 54.4% compared to the fourth quarter of 2016.