The sorry news just keeps rolling in from solar companies. This morning Canadian Solar Inc. (NASDAQ: CSIQ) reported an EPS loss of $-1.42, way below analysts expectations of a loss of -$0.31. In the same period last year, Canadian Solar earned $0.31. Revenue fell to $73 million, falling sequentially from $252.4 million and from $127.5 million a year ago. Although it was awful, revenue did beat analysts expectations of $69.12 million.
The quarterly loss included an inventory write-down of $23.3 million and a $12.8 million provision for doubtful accounts. Accounts receivable fell from $153.1 million at the end of the third quarter to $50.6 million at the end of the fourth quarter.
Guidance for 2009 calls for 300-350 megawatts of shipments and net revenue of $600-$800 million. To meet these goals, the company expects business to pick up in the second half of the year.
Investors don’t appear to be convinced. Canadian Solar shares are trading down nearly 12%, near the 52-week low of $3.25. Dim indeed.
Paul Ausick
March 17, 2009
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