Here is my estimate:
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Net Rev (K$): $420,000
Module Rev: $324,300
Project Rev: $ 95,700
% Proj Rev: 23%
Cost of Rev: $336,804
Gross Profit: $ 83,196 (compared with 101,256 of Q4)
GM: 19.81%
Opex: $ 45,427
Income from Ops: $ 37,769
Interest and Adjs: $ 11,171 (including FX loss of $4 M but 0 warrants gain - haven't estimated.)
Income before Tax: $ 26,598
Tax: $ 3,387
Net Income: $ 23,212 (compared with 24,055 of Q4)
Less non-controlling: $ 2,447
Net Income CSIQ: $ 20,769 (compared with 20,947 of Q4)
Shares used: 56,095K
EPS: 0.37 (compared with 0.39 of Q4)
Average analyst estimate: 0.12
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Note: I hope they do better with FX this time. The # of shares is a variable. Fair value of warrants will affect non-GAAP EPS.
Anyone else would like to share estimates?
Edit: I estimated
Fair value of warrants in excess of net proceeds of equity offering = $37.3 M
Gain from warrants from the offering closing date to the end of Q1 = $14.8 M
so the total loss from warrants was $22.5 M.
The GAAP EPS estimate is then -0.03 but non-GAAP EPs remains unchanged at 0.37.
Note: Fair value of shares in excess of net proceeds of equity offering was $10.4 M, which I did not include.