Canadian Solar (CSIQ) just turned in a weak quarter, with a $1.42 a share loss on revenue of $73 million, which is down 43% from the same period a year ago.
This puts Canadian Solar in the illustrious company of Energy Conversion Devices (ENER), JA Solar (JASO), LDK Solar (LDK) and SunTech (STP) who’ve all turned in rough quarters lately. Then again, who isn’t struggling in this market?
Analysts expected Canadian Solar to post a loss of just 26 cents a share. The company attributed the loss to a drop in subsidies and the tight credit market. Its stock is down 13% for the day, and off over 90% from it’s year-high. The Claymore/Mac Global solar ETF (TAN) is down about 5%.
Canadian Solar expects to ship between 300 and 350 MW this year and anticipates $600-$800 million in revenue for the year, which is flat compared to 2008, which had $700 million in revenue.
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