by Christopher Freeburn | May 16, 2014 11:08 am
On Friday, Canadian Solar (CSIQ) issued a disappointing second-quarter revenue estimate. Investors didn’t like the outlook and CSIQ shares tumbled almost 9% in morning trading.
CSIQ stock fell after Canadian Solar said that it anticipates revenue during the second quarter of between $560 million and $590 million. That fell far below the $633.6 million in revenue that Wall Street had forecast for the quarter, Reuters noted.
The lower-than-expected guidance came as CSIQ said that it will recognize revenue from various North American solar energy projects closer to year’s end. CSIQ reiterated an estimated capacity of between 600 megawatts and 630 megawatts for second-quarter solar panel shipments. During the first quarter, CSIQ shipped solar panels with a capacity of 500 megawatts.
Canadian Solar stock closed at $ per share on Thursday.
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