Canadian Solar (CSIQ) Hits 2-Year High on Revenue, Margin Beat

We recently published Lackluster Market? Not for These 10 Soaring Stocks. Canadian Solar Inc. (NASDAQ:CSIQ) is one of the best-performing stocks on Friday.

Canadian Solar soared to a new two-year high on Friday, after hitting the higher end of its revenue guidance and beating gross margins expectations for the third quarter period.

At intra-day trading, the stock climbed to its highest price of $34.59 before trimming gains to finish the day just up by 17.33 percent at $33.58 apiece.

In an updated report, Canadian Solar Inc. (NASDAQ:CSIQ) said that net revenues ended at $1.5 billion, hitting the higher end of its revenue guidance range of $1.3 billion to $1.5 billion during the period.

Canadian Solar (CSIQ) Hits 2-Year High on Revenue, Margin Beat

Gross margins also jumped by 17.2 percent, exceeding its 14 to 16 percent growth expectations.

“Third quarter revenue was at the high end of guidance, while gross margin exceeded expectations, supported by strong energy storage deliveries and a high mix of module shipments to profitable markets. Demand for energy storage continues to grow, driven by emerging applications such as data centers. We are managing the business with discipline, prioritizing profitability and investing strategically to ensure the resilience of our operations. I am pleased to share that our residential energy storage business is on track to become profitable in 2025,” said Canadian Solar Inc. (NASDAQ:CSIQ) Chairman and CEO Shawn Qu.

However, revenues dipped by 1.3 percent year-on-year to $1.487 billion from $1.508 billion mainly due to lower sales of solar modules partially offset by higher sales of battery energy storage systems.

Looking ahead, Canadian Solar Inc. (NASDAQ:CSIQ) said that it expects total revenues to be in the range of $1.3 billion to $1.5 billion and gross margin between 14 and 16 percent.

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Disclosure: None. This article is originally published at Insider Monkey.