NEW YORK (TheStreet) -- Shares of Canadian Solar (CSIQ - Get Report) jumped 8.19% to $12.21 in pre-market trading on Thursday as the solar power manufacturer posted 2016 second quarter results that beat Wall Street's forecasts.
Before today's opening bell, Canadian Solar reported earnings of 68 cents per share, above analysts' projections of 37 cents per share. Revenue came in at $805.9 million, surpassing consensus estimates of $717.47 million.
For the 2015 second quarter, Canadian Solar posted earnings of 31 cents per share and $636.65 million in revenue.
Module shipments increased to 1,290 MW in the 2016 second quarter, compared to 809 MW in the second quarter of 2015.
The company expects third quarter solar module shipments to be in the range of 1.2 GW and 1.3 GW. Revenue is projected to be between $660 million and $710 million.
Wall Street is looking for third quarter revenues of $788.16 million.
Canadian Solar expects the sale of two power plants in China to close in the fourth quarter.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate CANADIAN SOLAR INC as a Hold with a ratings score of C. 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 attractive valuation levels and notable return on equity. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and generally higher debt management risk.
You can view the full analysis from the report here: CSIQCSIQ data by YCharts