Canadian Solar (CSIQ) Reiterates Guidance & Announces Plant Progress

Canadian Solar (CSIQ) is reiterating its top-line revenue and gross margin guidance for 2008 of $850-$970 million and 13%-15%, respectively.  For 2009 the company is reiterating their shipment and gross margins guidance of 500 – 550 MW and 13 – 15% respectively.

Guidance comes as the company reports good progress of its ingot and wafer plant with Phase I completed and Phase II expected to be completed by year end, ahead of schedule.  CSIQ also announced its 250MW cell plant will finish with Phase II in October and begin the next phase soon thereafter.

Chairman and CEO Shawn Qu commented: “Demand remains high for both of our regular high-efficiency modules and our proprietary e-Module products. ASP’s are expected to remain stable for the balance of the year and the raw material prices have begun to ease. The increased internal production capacity in Q4 will contribute meaningfully to our gross margins and will help us to reach our revenue and margin targets in spite of volatility in the Euro. Our highly flexible vertical integration model is robust; and has allowed us to quickly adopt to the market dynamics. We expect to be able to continue to meet our objectives for 2009 and are cautiously optimistic that there is upside potential in our ’09 estimates.”

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