Shares have increased 160% in the past year, behind best-performing REC Solar ASA and SunEdison on the Bloomberg Intelligence Global Large Solar Index.
Second quarter net income rose to the highest ever at $55.8 million, or 95 cents per share, the company said. That beat the 58-cent average of six analysts’ estimates compiled by Bloomberg for profit excluding one-time items.
Shipments hit a record 646 megawatts, more than a May guidance of as much as 630 megawatts.The company benefited from strong demand in Ontario, the U.S., Japan and China and is expanding its “high-margin” power-plant business, which contributed about one-third of revenue in the quarter, up from about 27% last quarter, according to CEO Shawn Qu on a call with analysts, according to Bloomberg. For the third quarter, the company expects module shipments to be between 720 megawatts and 750 megawatts. For the year, it predicted shipments between 2.5 gigawatts and 2.7 gigawatts, and revenue between $2.7 billion and $2.9 billion. Must Read: Warren Buffett’s 25 Favorite Stocks