Why Canadian Solar (CSIQ) Stock Is Higher Today

NEW YORK (TheStreet) -- Shares of Canadian Solar Inc.  (CSIQ) 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.

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.

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