By midmorning, shares had added 6.4% to $40.19.
The Ontario-based business said it had been awarded a module supply agreement to provide 18MW of photovoltaic modules for a solar project in Japan. The project located between Japanese regions Marumori-machit and Soma is expected to be in operation in March 2015.
"We are honored to supply our high efficiency modules to Hitachi, a global leader in the electronics as well as the power systems industry," said Canadian Solar CEO Dr. Shawn Qu in a statement. "This agreement reflects our position as a top tier solar module supplier with an industry leading customer base and our strong position in the Japanese market."
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."
Highlights from the analysis by TheStreet Ratings Team goes as follows: