More bad news for the troubled solar sector. In a barometric display of market demand in the U.S. and Europe, Canadian Solar cut its guidance for Q4 to $70 to $85 million, a mere fraction of what Wall Street analysts see at $270.1 million. The company’s own full-year guidance is now $650 to $750 million, compared to Wall Street’s $901.9 million.
Analyst Daniel Ries of Collins Stewart points out the “harsh pricing environment” in the solar sector as the main reason for the cut in his rating on Canadian Solar. The company is not a low-cost producer, but it’s up against low-cost producers in a climate that has buyers–particularly European ones–demanding lower prices.
Canadian Solar (CSIQ) shares are taking a pounding this morning despite a beat-and-raise Q2 earnings report.
For the quarter, the solar module producer posted revenue of $212.6 million, ahead of the Street at $206.8 million. Profits were 36 cents a share GAAP, 78 cents non-GAAP; the Street had been at 29 cents and 47 cents, respectively.
Canadian Solar (CSIQ) shares are sharply higher this morning after the company said second quarter results blew past previous guidance. The company now says Q2 revenue was $210 million to $214 million, above its previous forecast range of $185 million to $190 million.
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