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Energy

Not Much Sunshine in Canada Either (CSIQ)

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By Douglas A. McIntyre Updated Published
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Solar_panel_picCanadian solar panel maker Canadian Solar Inc. (NASDAQ:CSIQ) reported earnings this morning before the market opened. Revenue for the third quarter was $252.4 million, higher than expectations of $248 million. Analysts expected EPS of $0.54, and instead got EPS of $0.31. The EPS included a foreign exchange loss of $17.3 million and a mark-to-market gain on derivatives of $7.4 million.

The company’s guidance is what’s really going to hurt. Everything hasbeen redirected to point down: production, margins, and earnings.Here’s the money quote: "Due to the present market environment,adjustments to the balance sheet may be necessary in order to reflectthe market value of inventory and receivables that could result in anet loss for the 4th quarter of 2008." Combine that with a projecteddrop in gross margin to 13%-15%, and Canadian Solar’s outlook is grim.

The share price is down nearly 93% from its 52-week high of $51.80.It’s moving down more by about 13% in pre-open trading this morning.

Paul Ausick
November 21, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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