Mornings Earnings Wrap Up for Tuesday, March 21, 2023
Top Earnings News
Canadian Solar Beat Expectations
Canadian Solar (CSIQ) reported earnings of $1.11 per share on revenue of $1.97 billion for the fourth quarter ended December 2022. The consensus earnings estimate was $0.76 per share on revenue of $1.93 billion. The Earnings Whisper number was $0.84 per share. The company beat expectations by 32.14% while revenue grew 28.97% on a year-over-year basis.
The company said it expects first quarter revenue of $1.60 billion to $1.80 billion and revenue of $8.50 billion to $9.50 billion. The current consensus revenue estimate is $1.95 billion for the quarter ending March 31, 2023 and revenue of $9.92 billion for the year ending December 31, 2023.
Dr. Shawn Qu, Chairman and CEO, commented, "We achieved record financial results in 2022, with revenue increasing 42% and net income attributable to shareholders increasing 152%. Our company and industry are at a critical turning point as we transition towards a grid parity market where clean energy investments are attractive both economically and from a sustainability standpoint, unlocking significant global demand."
Canadian Solar Inc is a solar power company. The Company designs, develops, and manufactures solar wafers, cells and solar power products.
Tencent Music Entertainment Group Missed Expectations
Tencent Music Entertainment Group (TME) reported earnings of $0.12 per share on revenue of $1.08 billion for the fourth quarter ended December 2022. The consensus earnings estimate was $0.12 per share on revenue of $1.05 billion. The Earnings Whisper number was $0.14 per share. The company missed expectations by 14.29% while revenue fell 9.80% compared to the same quarter a year ago.
"Amid a fast-changing macro environment in 2022, we continued to innovate our services and carried out effective cost optimization measures, leading to strong growth in our full-year profitability as well as steady growth in online music subscriptions throughout the year," said Mr. Cussion Pang, Executive Chairman of TME.
Tencent Music Entertainment Group is the leading online music and audio entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing.
Top Earnings Surprise
Crawford United Beat Consensus Estimates
Crawford United (CRAWA) reported earnings of $0.88 per share on revenue of $32.66 million for the fourth quarter ended December 2022. The consensus earnings estimate was $0.41 per share on revenue of $31.20 million. The company beat consensus estimates by 114.63% while revenue grew 19.55% on a year-over-year basis.
Crawford United Corporation is a growth-oriented holding company providing specialty industrial products to diverse markets, including healthcare, education, aerospace, defense, and transportation.
Top Negative Surprise
LumiraDx Limited Missed Consensus Estimates
LumiraDx Limited (LMDX) reported a loss of $0.32 per share on revenue of $41.12 million for the fourth quarter ended December 2022. The consensus estimate was a loss of $0.19 per share on revenue of $41.75 million. The company missed consensus estimates by 68.42% while revenue fell 65.23% compared to the same quarter a year ago.
LumiraDx is a next-generation point of care diagnostics company that is transforming community-based healthcare.
Top Revenue Growth
Orgenesis Inc. Reported Earnings
Orgenesis Inc. (ORGS) reported a loss of $0.16 per share on revenue of $13.62 million for the . . Revenue grew 97.68% on a year-over-year basis.
Orgenesis is a global biotech company working to unlock the full potential of cell and gene therapies (CGTs) in an affordable and accessible format at the point of care.
Top Positive Guidance
On Holding AG Missed Expectations
On Holding AG (ONON) reported earnings of $0.05 per share on revenue of $380.85 million for the fourth quarter ended December 2022. The consensus earnings estimate was $0.08 per share. The Earnings Whisper number was $0.08 per share. The company missed expectations by 37.50% while revenue grew 83.71% on a year-over-year basis.
The company said it expects 2023 revenue of at least $1.84 billion. The current consensus revenue estimate is $1.65 billion for the year ending December 31, 2023.
"The exceptional ongoing momentum across all regions, channels and product groups, combined with a normalization of product supply and significantly improved inventory position versus twelve months ago, has set On up to hit the ground running in 2023."
On was born in the Swiss Alps with one goal: to revolutionize the sensation of running by empowering all to run on clouds.