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Canadian Solar (CSIQ) Raises 3rd Quarter, Full Year 09 Guidance
After the bell today Canadian Solar (CSIQ) raised guidance for the 3rd quarter and the full year 2009 based on unaudited financial results and a “high level of interest at the Hamburg trade show and subsequent purchase orders”. The company now expects 3rd quarter revenues of $210 – 215 million and shipments of 101 – 103MW which compares to previous estimates of 90 – 100MW of shipments. They are also raising their full year guidance to 295 – 305MW from 260 – 270MW
CEO Shawn Qu said: “Demand has continued to be strong among our core customer group as well as among new customers. We anticipate that Q4 2009 will be even stronger than Q3 2009 in terms of shipments and we expect to maintain similar gross margins. We plan to increase our solar module manufacturing capacity to 1 GW, our solar cell capacity to 700 MW and our ingot and wafer capacity to 350 MW by the end of 2010 to meet demand levels.”
Shares aren’t moving much after hours, up just over 1%
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