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Canadian Solar Inc. (NASDAQ: CSIQ) delivered strong results for the second quarter than expected sending the stock higher in pre-market trading. The company maintained its full year revenue forecast.
The solar company reported net income of $40.4 million, or $0.68 per share, up from $22.6 million, or $0.39 per share, in the first quarter of the current year. Street expected an EPS of $0.37.
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Canadian Solar generated net revenue of $805.9 million versus $721.4 million in the first quarter. The company's revenue was better than its guided range of $710-$760 million.
Commenting on the results, chairman and CEO, Shawn Qu, said, "Our energy business now has approximately 472 MWp of solar power plants in operation, and approximately 900 MWp of additional solar power plants, after adjusting for our effective ownership, that will reach commercial operation in the second half of 2016."
Moving ahead, the company expects revenue of $660-$710 million in the third quarter, which is lower than the Street estimate of $788.16 million.
For the full year, Canadian Solar maintained its revenue outlook of $3.0 billion to 3.2 billion. Analysts' are looking for $3.16 billion revenue.
Following the news, the stock traded at $12.90 in the pre-market trading, representing a gain of $0.65, or 5.32 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.