Canadian Solar Inc. (NASDAQ: CSIQ) came out this morning and didn’t just beat earnings estimates; they trounced them. The company posted $21.2 million non-GAAP income or $0.65 non-GAAP EPS on a 34% revenue rise to $171.2 million, compared to First Call consensus estimates of $0.31 EPS and $151.9 million. Guidance for Q2-2008 is now $185 to $190 million with non-GAAP income at $17 to $18 million, versus $167.6 million consensus. It also sees shipments of approx 45MW in Q2.
For this year, the company said it is on track to achieve previous guidance of shipping 200 to 220 MW of regular solar modules in 2008. On a longer term basis it sees 2009 access to 200 MW of regular polysilicon and wafers, but noted its ability to secure an additional 200 MW. Co expects to produce 100 to 150 MW of UMG (upgraded metallurgical grade) silicon products in 2009.
Shares are up over 15% this morning pre-market at $39.50 in early trading. Before this jump, the 52-week trading range was $6.50 to $34.47.
Jon C. Ogg
May 13, 2008
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
