NEW YORK (TheStreet) -- Shares of Canadian Solar (CSIQ) continue to decline, down 5.77% to $26.46, in morning trading Thursday after the company announced fourth-quarter guidance that came up short of analysts' expectations.
The solar power systems manufacturer said it now anticipates revenue in the range of $925 million to $975 million for the fourth quarter, less than analysts' estimates of $977.4 million.
The decline continues despite Canadian Solar's third-quarter earnings beat. The company reported profit of $1.75 a share, which smashed the consensus estimate of $1.16 a share from analysts surveyed by Thomson Reuters. Revenue soared 86.3% year-over-year to $914.38 million, which also crushed analysts' expectations of $803.24 million.
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Separately, 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 robust revenue growth, notable return on equity and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and poor profit margins."