Market Overview

Canadian Solar Up 17% On Q2 Beat; Peers Mixed

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Solar power stocks were mixed Wednesday in the wake of a big second-quarter earnings beat by Canadian Solar (NASDAQ: CSIQ) that sent its shares up more than 17 percent.

China-based JA Solar (NASDAQ: JASO) gained four percent while Trina Solar Ltd. (NYSE: TSL) jumped 2.3 percent. Development-stage Ascent Solar Technologies (NASDAQ: ASTI) picked up 3.7 percent.

Sunedison (NYSE: SUNE) fell 1.3 percent and SolarCity (NASDAQ: SCTY) dropped a point.

Earlier Wednesday, Canadian Solar forecast third-quarter revenue of $760 million to $810 million, compared with analysts' expectations of $784 million.

For the second quarter, the company posted net income of $0.95 per share, while revenue grew nearly 34 percent to $623.8 million. Wall Street had forecast $0.58 per share on revenue of $577.7 million.

Canadian Solar traded recently at $29.41, up 17.78 percent.

Posted-In: Earnings News Guidance Movers

 

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