Canadian Solar Earnings Go Super-Solar (CSIQ)

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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