* Posts $0.07/share profit vs $0.10/share loss last year
* Expects to ship 600-630 MW module in Q2 from 500 MW in Q1
* Revenue up 77 pct
* Shares fall premarket on low revenue outlook
(Add shares, details from statement, background)
May 16 Solar panel maker Canadian Solar Inc
forecast much lower-than-expected quarterly revenue as
it expects to recognize most of the revenue from its solar
projects in Canada and the United States later in the year.
The company's shares were trading down 6.5 percent at $23.66
before the bell on Friday.
The company, which has most of its manufacturing operations
in China, forecast second-quarter revenue of $560-$590 million,
well below the average analyst estimate of $633.6 million,
according to Thomson Reuters I/B/E/S.
The company expects to recognize revenue from its Canadian
and U.S. projects towards the end of the year, partly due to
permitting and construction scheduling.
Canadian Solar has been shifting focus to the more
profitable business of building solar power plants to lower its
reliance on the more competitive and low-margin business of
selling solar panels.
However, the company still expects solar panel shipments to
rise to 600-630 megawatts (MW) in the second quarter from 500 MW
in the first quarter.
Canadian Solar posted its third straight quarterly profit
due to higher solar panel shipments and revenue from its solar
projects business increasing in the first quarter ended March
Solar companies are returning to the black as generous
subsidies and rising demand from Asia lift them out of a
four-year slump caused by weak panel prices.
Rival JA Solar Holdings Co Ltd also posted a
first-quarter profit earlier this month, helped by higher demand
for its panels from Japan and Europe.
Canadian Solar, which already has a footprint in North
America, Europe and Asia, is targeting new solar markets in
South Africa, South America and the Middle East.
The company said on Wednesday it would collaborate with IKEA
Australia to build solar systems totaling 3.6 megawatt across
seven IKEA sites in Victoria, New South Wales, and
Net income attributable to the company was $3.8 million, or
7 cents per share, for the first quarter ended March 31,
compared with a net loss of $4.4 million, or 10 cents per share,
a year earlier.
Revenue rose 77 percent to $466.3 million.
The company's shares have risen more than threefold in the
past 12 months to close at $25.32 on the Nasdaq on Thursday.
(Reporting by Anannya Pramanick and Shubhankar Chakravorty in
Bangalore; Editing by Kirti Pandey and Simon Jennings)