Canadian Solar Inc.'s (CSIQ) - Get Report outlook for the new year did not sit well with investors.

Canadian Solar plunged $4.07, or 17.3%, to $19.55 in trading Tuesday on the new guidance company executives put forward that was below forecasts. The company provided its full-year revenue to be in the range of $3.5 billion-$3.8 billion, which is well below the $3.74 billion bottom-line analysts estimated.

Canadian Solar expects its profit to be less in 2019 than it was this past year, citing lower module ASP and lower sales from solar projects.

"The acceleration of certain high-profit project sales also contributed to our success in 2018. This acceleration, however, will result in a reduction in solar project sale revenue and profit in 2019," Canadian Solar CEO Shawn Qu said in a press release.

Company executives plan on profit for the first quarter of the new fiscal year to either be "low or negative" because of lower production and sales numbers, according to the press release. Revenue is expected to be in the range of $450 million-$480 million. Conversely, Canadian Solar reported revenues of $1.4 billion in the same quarter of 2018.

The manufacturing unit of the company also is presumed to bring in less profit than in subsequent years because of the rising costs associated with the appreciation of the Chinese currency against the dollar and euro, Qu said.

"Such cost increases would normally be offset by an adjustment of module ASP or by the cost reduction through technology improvements but that process takes time," Qu said.

The company's fourth-quarter EPS and revenue beat Wall Street's expectations and showed growth from the previous year, despite the dismal projections for 2019. Earnings per share came in at $1.61, up from last year's 99 cents and topping estimates of $1.16. 

Revenue came in at $901 million compared to analysts' estimates of $872 million.

Canadian Solar, based out of Ontario, Canada, manufactures solar photovoltaic modules and provides large-scale solar power projects globally. 

The company has seen rapid growth from the beginning of the year as the stock has risen 37% to its current share price. It has outperformed the S&P 500, which has gained roughly 13% in the same period.

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