On Tuesday, Shares of Canadian Solar Inc. (NASDAQ:CSIQ), subtract 0.28% and shut at $10.65 inside the end purchasing and offering session. The last exchanging scope of the stock ranges amongst $10.36 and $10.93. Canadian Solar Inc. (“Canadian Solar” or the “Company”) (CSIQ), one of the world’s leading solar power companies, recently declared its financial results for the third quarter ended September 30, 2016.
Third Quarter 2016 Highlights
Total solar module shipments were 1,185 MW, of which 1,161 MW was recognized in revenue, contrast to 1,290 MW recognized in revenue in the second quarter of 2016, and third quarter guidance in the range of 1,200 MW to 1,300 MW.
Net revenue was $657.3 million, contrast to $805.9 million in the second quarter of 2016, and third quarter guidance in the range of $660 million to $710 million.
Net revenue from the total solutions business as a percentage of total net revenue was 10.4%, contrast to 8.5% in the second quarter of 2016.
Gross margin was 17.8%, contrast to 17.2% in the second quarter of 2016, and third quarter guidance in the range of 14.0% to 16.0%.
Net income attributable to Canadian Solar was $15.6 million, or $0.27 per diluted share, contrast to $40.4 million, or $0.68 per diluted share, in the second quarter of 2016.
Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $986.0 million, contrast to $1.0 billion at the end of the second quarter of 2016.
Net cash used in operating activities was about $205.7 million, contrast to net cash offered by operating activities of $145.2 million in the second quarter of 2016.
The Company’s portfolio of operating solar power plants now totals 948 MWp, with an estimated total resale value of about $1.4 billion.
The Company targets to complete the sale of certain utility-scale solar power plants in Canada and China either by the end of 2016 or early 2017 and has started the sale process of its projects in the U.S. as these projects reaching COD.
Shares of New York Community Bancorp, Inc. (NYSE:NYCB), added 0.38% and shut at $15.93 inside the last exchanging session. The rest of the purchasing and offering scope of the stock levels among $15.79 and $15.95. The association’s commercial center capitalization is $7.76 Billion with the general uncommon loads of 487.06 million. New York Community Bancorp, Inc. operates as a holding company for New York Community Bank and New York Commercial Bank that offer banking products and financial services in Metro New York, New Jersey, Ohio, Florida, and Arizona. The company offers various deposit products that include checking and savings accounts, individual retirement accounts, certificates of deposit, NOW and money market accounts, and non-interest-bearing accounts. Its loan portfolio comprises one-to-four family loans; multi-family loans; commercial real estate loans; acquisition, development, and construction loans; commercial and industrial loans; home equity lines of credit; and consumer loans. The company also provides installment loans, revolving lines of credit, and insurance products, in addition to cash administration, online and phone banking, and ATM services. It serves small and mid-size businesses, professional associations, and government agencies, in addition to consumers. The company serves its customers through a network of 227 Community Bank branches,