Canadian Solar (NASDAQ: CSIQ) reported Q1 EPS of $0.39, $0.25 better than the analyst estimate of $0.14. Revenue for the quarter came in at $721.4 million versus the consensus estimate of $663.74 million.

Total solar module shipments were 1,198 MW, of which 1,172 MW were recognized in revenue, compared to 1,398 MW recognized in revenue in the fourth quarter of 2015, and first quarter shipment guidance in the range of 1,085 MW to 1,135 MW.

GUIDANCE:

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to customer final demand and solar project construction schedule. Management's views and estimates are subject to change without notice.

For the second quarter of 2016, the Company expects total module shipments to be in the range of approximately 1,200 MW to 1,250 MW, including approximately 30 MW of shipments to the Company's utility-scale solar projects that may not be recognized in second quarter 2016 revenue. Total revenue for the second quarter of 2016 is expected to be in the range of $710 million to $760 million, with gross margin expected to be between 15% and 17%.

For the full year 2016, the Company maintains its guidance for total module shipments to be in the range of approximately 5.4 GW to 5.5 GW, with approximately 5.0 GW recognized in revenue. Management is raising revenue guidance for the full year 2016 to be in the range of $3.0 billion to 3.2 billion, up from $2.9 billion to $3.1 billion, reflecting its expectation to sell some of its solar project holdings in the second half of the year.

Canadian Solar sees FY2016 revenue of $3.2-3.6 billion, versus prior guidance of $3.0-3.2 billion and the consensus of $3.16 billion.

For earnings history and earnings-related data on Canadian Solar (CSIQ) click here.