UPDATE: Canadian Solar Posts Q2 Profit, Shares Jump

Canadian Solar (NASDAQ: CSIQ) swung to a profit in the second quarter.The West Guelph, Canada-based company posted a quarterly net income of $55.8 million, or $0.95 per share, versus a year-ago net loss of $12.6 million, or $0.29 per share.Its revenue climbed 64% y/y to $623.8 million from $380.4 million. Analysts were expecting earnings of $0.58 per share on revenue of $577.65 million.Sales to the Americas represented 55.5% of revenue in the quarter, while sales to Asia and other markets represented 29.8% of revenue. Europe sales represented 14.7% of revenue in the quarter.Total solar module shipments surged to 646 MW, from 455 MW in the year-ago quarter. Gross margin widened to 19.0% from 12.8%.Total operating expenses jumped 38.7% y/y to $50.5 million from $36.4 million, while research and development expenses dropped to $2.9 million from $3.0 million.Net foreign exchange gain was $7.6 million in the quarter, versus a net foreign exchange loss of $20.5 million in the year-ago quarter.As of June 30, 2014, Canadian Solar had $788.3 million of cash, cash equivalents and restricted cash, versus $781.0 million as of March 31, 2014.Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar said, "Our second quarter financial results clearly reflect our focus on profitable module sales over module volume and our emphasis on our higher margin total solutions business.”Canadian Solar expects Q3 sales of $760.0 million to $810.0 million, versus analysts' estimates of $785.0 million.Canadian Solar shares jumped 7.33% to $26.80 in pre-market trading.