Canadian Solar said it now estimates fourth-quarter revenue of between $510 million and $520 million, below estimates of $556 million, according to analysts surveyed by Thomson Reuters.
While its revenue estimates don't meet analysts' expectations, the solar panel provider did beat its target on solar panels. The company set a target of between 480 megawatts (MW) and 500 MW of panels for the quarter, but said it has shipped between 605 MW and 620 MW.
Canadian Solar said it expects to have turned a profit for 2013, which would be its first annual profit since 2010.
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TheStreet Ratings team rates CANADIAN SOLAR INC as a Hold with a ratings score of C-. TheStreet Ratings 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."