Canadian Solar (CSIQ) Cuts Q2 Shipments Outlook
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Canadian Solar Inc. (Nasdaq: CSIQ), updated its guidance for the second quarter ended June 30, 2012. The updated guidance is subject to adjustments based upon completion of the Company's internal review process, and final quarterly results could differ materially from the estimates provided below.
For the second quarter of 2012, Canadian Solar expects recognized solar module shipments to increase to approximately 410 MW to 420 MW. This compares to shipments of 343 MW in the first quarter of 2012 and 287 MW in the second quarter of 2011. The Company now expects gross margin for the second quarter of 2012 to range from 12.0% to 12.5% due to the positive impact of one-time items, which it estimates to total approximately 4%.
Original second quarter 2012 guidance provided on May 10, 2012 was for shipments to be approximately 430 MW to 450 MW, with gross margin expected to be between 8% and 10%. In addition, the Company expects net foreign exchange loss to be approximately $8 million for the second quarter of 2012, resulting mainly from the impact of the decrease in value of the Euro compared to the US dollar during the quarter.
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For the second quarter of 2012, Canadian Solar expects recognized solar module shipments to increase to approximately 410 MW to 420 MW. This compares to shipments of 343 MW in the first quarter of 2012 and 287 MW in the second quarter of 2011. The Company now expects gross margin for the second quarter of 2012 to range from 12.0% to 12.5% due to the positive impact of one-time items, which it estimates to total approximately 4%.
Original second quarter 2012 guidance provided on May 10, 2012 was for shipments to be approximately 430 MW to 450 MW, with gross margin expected to be between 8% and 10%. In addition, the Company expects net foreign exchange loss to be approximately $8 million for the second quarter of 2012, resulting mainly from the impact of the decrease in value of the Euro compared to the US dollar during the quarter.
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