Canadian Solar Swoons Despite Beat-And-Raise Q2
Canadian Solar (CSIQ) shares are taking a pounding this morning despite a beat-and-raise Q2 earnings report.
For the quarter, the 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.
For Q3, CSIQ sees revenue of $245 million to $255 million, with non-GAAP profits of $24 million to $25 million; if you use the same share count as in Q2, you get EPS of 82-85 cents. The Street has been looking for $247.6 million and 56 cents.