Canadian Solar Inc. (NASDAQ:CSIQ) shares plunged after the company reported disappointing second-quarter 2024 results, missing bottom-line expectations.

The company reported a 30.8% year-over-year revenue decline to $1.635 billion, beating the consensus estimate of $1.59 billion. The revenue decline was driven by lower module average selling prices and lower project sales, partially offset by higher battery energy storage solutions sales.

The gross margin declined 36% YoY to $282.09 million, and the margin declined 140 bps to 17.3%. The decrease was mainly due to reduced margins from solar power and battery storage asset sales and lower module ASPs, partially offset by lower manufacturing costs.

Total module shipments reached 8.2 GW, up 30% sequentially, and remained consistent year-over-year. EPS for the quarter was $0.02, down from $0.19 last quarter and $2.39 in second-quarter ...