Canadian Solar just announced that it won a bid on a project to provide solar panels for 80,000 solar home systems in rural China. In total, Canadian Solar will supply 1.6 MW worth of panels. The project is scheduled to be completed by the end of this month.
Dr. Shawn Qu, President and CEO of Canadian Solar, commented on the project in a company press release:
"We were very pleased to win this bid. … Read the rest
Canadian Solar (CSIQ) reported a much larger loss then expected this morning, posting an EPS loss of 1.39/share after taking out one time costs. Revenues took a plunge as well, dropping 43% over the year ago quarter to $73 million.
Commenting on the quarter, CEO Shawn Qu highlighted the usual suspects. “In Q4,difficult credit conditions for our customers, market-wide module and raw materials inventory price declines and winter weather in Germany directly affected our revenue … Read the rest
TradingMarkets.com is reporting that a group of Chinese solar power companies has presented a plan to the Chinese Ministry of Science to try to drop the cost of producing solar power to 1 yuan/KWH within two years. Particpants in the plan include Solar Power Technologies, Trina Solar, Canadian Solar Inc, LDK Solar and Solarfun Power Holdings Co.
According to TradingMarkets.com,
… Read the restAn industry insider said it’s feasible to carry out the plan, which combines companies
According to StreetInsider.com, Piper Jaffray is out cutting estimates on the solar sector due to poor visibility. Piper analyst Jesse Pichel lowered industry estimates for the 1st half of 09 and downgraded their rating of Canadian Solar (CSIQ) to Sell and ReneSola (SOL) to Neutral due to low order visibility for Q1 in Germany and zero visibility in other markets but expects some recovery in late spring, early summer but only if credit markets … Read the rest
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 … Read the rest
According to StreetInsider.com, Deutsche Bank is downgrading a few solars this morning from BUY to HOLD
– Canadian Solar (CSIQ) cut price target from $36 to $12
– Energy Conversion Devices (ENER) cut price target from $75 to $41
– First Solar (FSLR) cut price target from $200 to $160
– SunPower (SPWRA) cut price target $62 to $45
The first said, “As we assess 2009 we reiterate our view of (1) deteriorating fundamentals … Read the rest
Here are some analyst notes in the solar notes that came out during trading today:
* Piper Jaffray downgraded CSIQ from Buy to Neutral, lowered estimates and cut the price target from 30 to 11 on euro weakness and supply chain dislocation
* Piper Jaffray also cut the price target and lowered estimates on Yingli Green Energy (YGE) but maintained their Buy rating. Price target lowered from $26 to $15
* Piper Jaffray cut estimates … Read the rest
Some solar analyst ratings are out this morning with Friedman Billings upgrading both First Solar (FSLR) and SunPower (SPWRA) to Market Perform and price targets of $210 and $65, respectively.
JA Solar (JASO) wasn’t so fortunate, getting a downgrade from Canaccord Adams from Buy to Hold. The stock is off nearly 18% today with heavy volume, erasing yesterday’s move an then some.
Let’s not forget though that it was Canaccord Adams that initiated coverage with … Read the rest
With all the concerns being voiced about the possible impact of the credit crisis on the solar power market, it’s nice to have some good news to report. The stock market as a whole rallied a little bit yesterday, but according to Eric Savitz of Barron’s Tech Trader Daily, solar stocks in particular were "dramatically outperforming" the market as a whole. Many of the major solar players saw their share prices rise with double-digit … Read the rest
Canadian Solar (CSIQ) announced a small deal with a leading German solar installer IIiotec a few days ago and this morning its announcing another deal with German systems integrator Systaic, a customer since the beginning of this year. CSIQ will supply Systaic with 60MW in solar modules to be delivered next year
CEO Shawn Qu: “The next-year order booking ratio we achieved in September is the highest in the Company’s history. This demonstrates the … Read the rest