Canadian Solar Turns To Profit In Q2 - Quick Facts

(RTTNews) - Canadian Solar Inc. (CSIQ) reported that its net income attributable to the company for the second quarter of 2014 was $55.8 million or $0.95 per share, compared to net loss of $12.6 million, or $0.29 per share, in the second quarter of 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $0.58 per share for the quarter. Analysts' estimates typically exclude special items.

The Company recorded a loss on change in fair value of derivatives of $3.2 million in the second quarter of 2014, compared to a gain on change in fair value of derivatives of $1.8 million in the second quarter of 2013.

Net foreign exchange gain was $7.6 million compared to a net foreign exchange loss of $20.5 million last year.

Net revenue for the second quarter was $623.8 million, up 64.0% from $380.4 million in the second quarter of 2013. Wall Street expected revenues of $577.65 million for the quarter. Total solar module shipments in the second quarter were 646 MW, compared to 455 MW in the previous year.

Solar module shipments in the second quarter of 2014 included 70 MW used in the Company's total solutions business, compared to 35 MW in the second quarter of 2013.

For the third quarter of 2014, the Company expects module shipments to be in the range of approximately 720 MW to 750 MW. Total revenue for the third quarter of 2014 is expected to be in the range of $760 million to $810 million, with gross margin expected to be between 19% and 21%. Wall Street expects revenues of $784.75 million for the third-quarter.