Canadian Solar Profit Falls, Q3 Revenue Guidance Weak; Stock Down 8%

(RTTNews) - Solar power company Canadian Solar Inc (CSIQ) on Tuesday reported second-quarter net earnings of $17.9 million or $0.31 per share compared with $55.8 million or $0.95 per share last year.

Revenues for the quarter were $636.7 million compared with $623.8 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.13 per share on revenues of $592.5 million for the quarter. Analysts' estimates typically exclude special items.

Total solar module shipments for the quarter were 850 MW, of which 809 MW were recognized in revenue, compared with 646 MW recognized in revenue in the prior year.

Gross margin fell to 15.2% from 19% last year.

For the third quarter, the company expects revenues of $570 million to $620 million, while analysts expect $669.3 million.

For the full year 2015, the company still expects revenues of $2.8 billion to $3 billion, while analysts expect $2.93 billion.