Seeking Alpha

MissionIR's  Instablog

MissionIR
Send Message
We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices. It is our unwavering commitment to connect the investment community with companies that have great potential and a strong dedication to... More
My company:
MissionIR
My blog:
MissionIR Blog
  • Canadian Solar Inc. (CSIQ) Posts Strong Q2 Results, Forecasts Continued Growth for 2012 0 comments
    Aug 18, 2011 2:24 PM | about stocks: CSIQ
    Canadian Solar Inc., one of the world’s largest solar companies, today announced its financial results for the second quarter ended June 30, 2011, reflecting a solid quarter with increases across the board.
     
    Net revenue for the second quarter of 2011 was $481.8 million, up 8.7 percent from $328.7 million in the second quarter of 2010.
     
    Gross profit for the second quarter of 2011 was $63.7 million, up 42.8 percent from $44.6 million in the second quarter of 2010. Gross margin was 13.2 percent in the second quarter of 2011 compared to 13.6 percent in the second quarter of 2010.
     
    The company reported net income for the second quarter of 2011 at $7.1 million, or $0.16 per diluted share, compared to net income of $3.2 million, or $0.07 per diluted share, for the second quarter of 2010.
     
    As of June 30, 2011 Canadian Solar had $686.3 million in cash, cash equivalents and restricted cash compared to $477.6 million at the end of the first quarter of 2011 and $476.2 million as of December 31, 2010.
     
    Dr. Shawn Qu, chairman and CEO of Canadian Solar, said the company’s second quarter achievements were boosted by significant customer wins and two major strategic capacity joint-ventures.
     
    “This was a solid quarter for Canadian Solar,” Dr. Qu stated in the press release. “We achieved impressive shipment growth due to our strategy of building desired capacity, our track record of quality, performance and service, and our increased brand recognition worldwide. We are confident we can continue to gain market share, based on continued strength in Germany, Italy, and the U.S., along with a rebound in Japan and the benefit of new regions, including India. We have also seen the market in Canada picking up in the past month.”
     
    For the third quarter of 2011, the company said it anticipates recognized shipments to be in the range of approximately 350 MW to 360 MW with gross margin expected to be between 9 percent and 12 percent.
     
    Canadian expects continued growth throughout 2010, boosted by its steady progress on integral research and development and new product development initiatives. The company said it expects to start commercial shipment of its ELPS modules in the fourth quarter of 2011, and that it anticipates strong global sales and service network driven by its technology innovations and diversified business strategy.
     
    For more information, visit canadiansolar.com
     
    Please see disclaimer on the MissionIR website www.missionir.com/disclaimer.html ;
     
    Stocks: CSIQ
Back To MissionIR's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.