Canadian Solar Inc. (Nasdaq: CSIQ) reported a smaller-than-expected loss for 1Q09 and said 2Q shipments would increase.
Net loss for the quarter was $4.8 million, or $0.13 per
diluted share, compared to net income of $18.6 million, or $0.57 per
diluted share, for 1Q08 and net loss of $49.2
million, or $1.38 per diluted share, for 4Q08.
Analysts, on average, expected a loss of $0.25 cents a share, before special items but including stock based compensation, according to Reuters Estimates.
Net revenues for the quarter were $49.5 million, slightly lower than the $54.1 million predicted by analysts. This compared to net
revenues of $171.2 million for 1Q08 and $68.8
million for 4Q08.
Shipments for the quarter were approximately 18 megawatts (MW), including 1.2 MW of
solar grade e-Modules and 1.6 MW of solar cells and specialty solar
application products.
The company reduced its guidance for full-year shipments to a range of 200 to 220 MW, down from an earlier forecast of 300 to 350 MW. The company said it expected 2009 revenue between $600 million and $800 million.
"Within the first quarter, shipments increased sequentially month over month. This positive trend continued into Q2 and we expect further increases in Q3. Offsetting this positive trend, however, customers, especially those in United States, continue to face an uncertain financing environment," the company said in a statement.
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