Canadian Solar Raises Forecast For 3Q Shipments

NEW YORK (AP) — Solar energy system maker Canadian Solar Inc. on Tuesday raised its outlook for third-quarter shipments and issued a revenue forecast above expectations.

The company expects quarterly revenue to range between $210 million and $215 million. On average, analysts surveyed by Thomson Reuters expect revenue of $202.7 million.

The company now expects third-quarter shipments between 101 megawatts and 103 megawatts, compared with prior guidance of 90 megawatts to 100 megawatts. Full-year shipments will range between 295 megawatts and 305 megawatts, up from 200 megawatts to 220 megawatts as previously forecast.

Chairman and CEO Shawn Qu said demand has been strong among core customers, and expects shipments will increase from the third quarter to the fourth. He said the company plans to boost its manufacturing capacity.

The company is scheduled to report third-quarter financial results on Nov. 24.

Shares fell 50 cents, or 2.8 percent, to close earlier at $17.54.