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Why Canadian Solar (CSIQ) Stock Is Higher Today

NEW YORK (TheStreet) -- Shares of Canadian Solar Inc.  (CSIQ - Get Report) are up 9.97% to $27.46 in pre-market trade after the Ontario-based solar power company swung to a profit in the second quarter as revenue and module shipments improved, the Wall Street Journal reports.

Solar-module shipments, earnings and revenue for the quarter beat the company's and Wall Street's expectations.

Canadian Solar said it had 646 megawatts in solar-module shipments in the second quarter, an increase of 29% from the prior quarter and 42% from the prior-year period. The company in May had forecast module shipments of 600 megawatts to 630 megawatts.

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For the third quarter, the company said it expects module shipments to be between 720 megawatts and 750 megawatts, while forecasting gross margin of 19% to 21%.

Canadian Solar also targeted revenue of $760 million to $810 million for the quarter. Analysts polled by Thomson Reuters were expecting revenue of $784.8 million.

In the second quarter, the Americas accounted for 55.5% of sales, up from 37.8% in the prior-year period. Meanwhile, the Asia region accounted for 29.8%, down from 51.6%, and the European share of sales were up to 14.7%, from 10.6% a year earlier.

Canadian Solar posted earnings of $55.8 million, or 95 cents per share, compared with a year-earlier loss of $12.6 million, or 29 cents pera share. Revenue increased to 64% to $623.8 million.

Analysts polled by Thomson Reuters had estimated per-share earnings of 58 cents, while the company earlier projected revenue of $560 million to $590 million.

TheStreet Ratings team rates CANADIAN SOLAR INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

"We rate CANADIAN SOLAR INC (CSIQ) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk and poor profit margins."

You can view the full analysis from the report here: CSIQ Ratings Report

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