Canadian Solar's Q1 Beats; Shares Up 10%

Shares of Canadian Solar Inc. (CSIQ - Analyst Report) jumped more than 10% after reporting a narrower-than-expected first-quarter loss this morning.

The solar cells and modules maker posted an adjusted loss of 10 cents per share, beating the consensus forecast by 15 cents.

Revenue declined 71% to $49.5 million, primarily due to weak demand in the European region, partially offset by improved performance in the Asian region.

Canadian Solar also slashed its full-year shipments forecast to between 200 MW and 220 MW, compared to earlier forecast of 300 MW to 350 MW. The company added that its previous revenue outlook of $600 million to $800 million will be adjusted accordingly.

The full-year consensus estimate has moved higher by 9 cents to breakeven, as 1 analyst out of 8 boosted expectations over the past week.

Next-year's average forecast has increased by 4 cents over the past month to 56 cents per share, thanks to raised estimates from 2 out of 6 covering analysts.

CSIQ, a Zacks #3 Rank ("Hold") stock, is trading on higher-than-usual volume of approximately 2.8 million, compared to average daily volume of about 1.6 million.

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