Canadian Solar Inc. (NASDAQ:CSIQ) stock was up on Thursday following the release of the company’s earnings report for the second quarter of 2016.
Canadian Solar reported net revenue of $805.9 million during the second quarter of 2016. This is an increase over the $636.7 million that it reported during the same time last year. It also came in above the $717.5 million that Wall Street was looking for in the second quarter of 2016.
Canadian Solar’s earnings per share for the second quarter of 2016 was 68 cents. Earnings per share reported by the company during the second quarter of 2015 was 31 cents. Analysts were expecting the company to report earnings per share of 37 cents for the quarter.
Canadian Solar reported net income of $40.4 million in the second quarter of the year. This is up from the $22.6 million reported during the first quarter of the year and the $17.9 million from the second quarter of 2015.
“We are pleased with our results for the second quarter which again came in above our guidance,” Dr. Shawn Qu, Chairman and CEO of Canadian Solar, said in a statement. “Our core solar module and project businesses remain strong, with a healthy balance sheet to support our near and long-term plan.”
Canadian Solar said that it expects to increase wafer capacity in 2016 with a new diamond wire-saw technology. It expects this to improve solar cell efficiency and reduce silicon usage. This should also decrease the manufacturing costs.
Canadian Solar is expecting revenue to be between $660 million and $710 million for the third quarter of 2016. Wall Street is expecting revenue of $788.16 million for that quarter.
CSIQ stock was up 19% as of Noon Thursday.