Chinese solar cell maker Canadian Solar (Nasdaq: CSIQ) improved on a strong fourth quarter by doubling Wall Street expectations with its 1Q08 returns and projecting an excellent 2Q outlook.
For the quarter ending March 31, the company, which is incorporated in Canada recorded net income of $19.0 million or $0.61 per share–compared to a net loss of $3.9 million a year ago, and up from $5.9 million in 4Q07.
Analysts expected earning of $0.31 per share.
Net revenues for the quarter were $171.2 million (including $2.2 million of silicon material sales), compared to net revenues of $17.5 million for 1Q07 (including $2.8 million of silicon materials sales) and $127.5 million for 4Q07 (including $2.4 million of silicon materials sales).
Dr. Shawn Qu, Chairman and CEO of CSI, commented: "In Q1, we significantly increased our internal solar cell production, which resulted in a positive impact on our bottom line. Our new Changshu solar module plant was completed on schedule during the quarter. This gave us the ability to quickly increase shipments in March following the severe weather conditions earlier in the year. Deliveries from most of our strategic suppliers are now generally on track."
Qu continued: "We also believe that we are on track to achieve our prior guidance of shipping 200-220MW of regular solar modules in 2008."
Net revenue for Q208 is expected to be in the range of $185-$190 million, with net income expected to be in the range of $17-$18 million.
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