Canadian Solar , Inc (CSIQ) Reports 3rd Quarter Results, Slashes Guidance

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09:15:07 am on November 21, 2008

Canadian Solar, Inc reported its 3rd quarter results today. The company has grown quite a bit since the third quarter of last year. Last year, the company reported net revenues of $97.4 million in the third quarter. Th9is year, that figure has jumped to $252 million. GAAP net income in the third quarter of last year was $.5 million, or .02/diluted share. This year, it’s $10.5 million or $.36 per diluted share. Non-GAAP earnings in the third quarter of this year were $.41/diluted share.

However, the company didn’t perform nearly as well as it was expected to. The Non-GAAP earnings of $.41/share were $.13 lower than the expected earnings of $.54/share. The company is also lowering its guidance for revenues in the 4th quarter to $70-85 million, much lower than the consensus of $270.06 million. Canadian Solar has also lowered its guidance for the fiscal year 2008 to $650-750 million dollars. Again, this is well below the consensus of $901.87 million.

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