NEW YORK (TheStreet) -- Canadian Solar (CSIQ - Get Report) is recovering from losses suffered over Wednesday's session after the company reported lower fourth-quarter earnings and weak first-quarter guidance.
By midmorning, shares had added 5.5% to $41.15.
On Thursday, the solar power company said it has been granted C$48 million in construction and term financing from Manulife. The funds will be used in Canadian Solar's Val Caron solar power project in Ontario.
The project has begun construction and will be connected this year. It has already been awarded a 20-year power purchase contract from the Ontario Power Authority.
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"This latest agreement will allow us to continue to the development of our highly attractive utility-scale pipeline in a financially prudent, shareholder friendly manner," said CEO Dr. Shawn Qu in a statement.
In its fourth quarter, the Ontario-based company reported per-share earnings of 38 cents, 3 cents short of Thomson Reuters' analyst average.
For its March-ending first quarter, the company expects revenue between $415 million and $430 million with gross margin of 14% to 16%. Analysts anticipated $517.78 million in sales and gross margin of 19.53%.
TheStreet Ratings team rates CANADIAN SOLAR INC as a Hold with a ratings score of C-. The team has this to say about their recommendation:
"We rate CANADIAN SOLAR INC (CSIQ) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and poor profit margins."
- You can view the full analysis from the report here: CSIQ Ratings Report