Canadian Solar Inc’s (CSIQ) adjusted EPS of 35 cents in the fourth quarter of fiscal 2009 fell short of the Zacks Consensus EPS estimate of 51 cents. Fiscal 2009 EPS of $1.41 was also short of the Zacks Consensus EPS estimate of $1.54.

Operational performance

Canadian Solar clocked net revenues of $287.0 million in the reported quarter, compared to net revenues of $68.8 in the year-ago quarter and $213.1 million in the third quarter of fiscal 2009.

Shipments in the reported quarter were 155.5 MW including 146.5 MW of module sales, approximately 6.5 MW of off-spec solar cells, and 2.5 MW of modules shipped to a solar power plant project, which the company built and sold during the quarter. Canadian Solar generated net revenues of $663.8 million in fiscal 2009, compared to $705.0 million in fiscal 2008.

Revenues from the European market in the reported quarter accounted for 82.5% of the company’s total sales, up from 76.7% in the year-ago quarter.  Also in real terms revenues from the European market increased to $236.7 million in the reported quarter from $52.8 million in the year-ago quarter.

The company generated $24.8 million in revenues from the Americas in the reported quarter compared to $6.4 million in the year-ago quarter. Asia and others accounted for $25.5 million in revenues in the reported quarter compared to $9.6 million in the year-ago quarter.

Financial Condition

Canadian Solar reported cash and cash equivalents of $160.1 million at fiscal-end 2009 from $115.7 million at fiscal-end 2008. Long term borrowings decreased to $29.3 million at fiscal-end 2009 from $45.4 million at fiscal-end 2008.

Outlook

Canadian Solar for the first quarter of fiscal 2010 expects shipments of approximately 180 MW to 190 MW. For fiscal 2010, the company expects shipments in the range of 600 MW – 700 MW.

Canadian Solar has witnessed a mixed trend in earnings surprises over the past four quarters. The average is a positive of 63.2%, reflecting the solar player’s stable performance during this period.

Of the 11 analysts covering the stock in fiscal 2010, three have revised their earnings estimates downwards in the last 30 days. The Zacks Consensus EPS estimate currently stands at $2.04 for fiscal 2010.

Zacks Investment Research

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