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Canadian Solar Taps CFO, Backs Guidance


NEW YORK ( TheStreet) -- Canadian Solar ( CSIQ ) appointed Andrew Chen as its new chief financial officer, while reiterating its financial outlook.

Before joining Canadian Solar, Chen served as CFO of high-tech chemical and specialty materials company ShengdaTech ( SDTH ). As Chen takes over as CFO, Arthur Chien, the company's previous CFO, will continue on as a special adviser to the CEO's office until the end of the year.

The company also reiterated guidance Monday, with expected shipments of about 190 megawatts to 200 megawatts and gross margin of about 14.5% to 15.5% for the third quarter. For the full year, Canadian Solar expects shipments to be at the mid- to the high-end of prior guidance of about 700 MW to 800 MW.

Shares of Canadian Solar rose 0.7% to $15.59 in premarket trading Monday.

-- Written by Andrea Tse in New York.



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