Canadian Solar Shares Plummet Following Q1 2014 Earnings Report
Shares of Canadian Solar (NASDAQ: CSIQ) plunged almost 12 percent after the company posted an earnings miss of $0.07 per share vs. consensus estimate of $0.12 per share in its first quarter 2014 results Friday.
Staying optimistic, CEO Shawn Qu commented, "Both shipments and revenue for the first quarter exceeded our guidance, in this seasonally slow quarter." Additionally, CFO Michael G. Potter said, "We continue to execute according to plan, as we secure, develop and ultimately sell our utility-scale solar projects and continue to profitably operate our solar module business."
Highlights from the report included:
- Net revenue was $466.3 million compared to first quarter guidance in the range of $415 million to $430 million;
- Gross margin was 14.7 percent compared to guidance in the range of 14-16 percent
- Diluted EPS of $0.07
- During the quarter, the company closed the sale of one solar power plant in Ontario, Canada, to BluEarth valued at over C$53 million.
Shares are currently trading at $22.22, more than $3.00 below Thursday's close.
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