Canadian Solar Posts 1Q Loss, Lowers '09 Outlook

TORONTO (AP) — Canadian Solar Inc. on Tuesday posted a first-quarter loss due to declining average sales prices and a pull back in shipments as the uncertain financing environment constrained customer spending.

The Toronto-based solar energy product manufacturer reported a net loss of $4.8 million, or 13 cents per share, compared with earnings of $18.6 million, or 57 cents per share, in the same period last year. Excluding share-based compensation expenses, the company said its first-quarter adjusted loss would have been 10 cents per share.

Analysts polled by Thomson Reuters estimated a loss of 25 cents per share, on average. Analysts typically exclude one-time items.

Revenue fell 71 percent to $49.5 million, down from $171.2 million last year. Analysts forecast an average revenue of $54.1 million.

The company said that in the first quarter, shipments increased month over month, a positive trend it expects to continue through the second quarter and into the third quarter. Still, financing constraints, declining module selling prices and some expected order reductions prompted the company to lower its full-year shipments estimates to between 200 megawatts and 220 megawatts, compared with an earlier estimate between 300 megawatts and 350 megawatts.

Canadian Solar said its full-year revenue will be adjusted downward from its earlier outlook between $600 million to $800 million, but did not provide specific estimates. Analysts are expecting revenue of $506.5 million.