UPDATE 2-Canadian Solar Q1 profit tops estimates, shares soar

(Adds analyst's comments, updates share movement)

By Ajay Kamalakaran

BANGALORE, May 13 (Reuters) - China's Canadian Solar Inc (CSIQ.O: Quote, Profile, Research, Stock Buzz) posted a first-quarter profit that topped Wall Street estimates, helped by higher market demand, strong pricing and effective foreign exchange exposure management, and forecast second-quarter revenue above the market view.

Shares of the company soared more than 28 percent to an all-time high of $43.82 in midday trade, making them one of the top percentage gainers on Nasdaq.

However, an analyst with Zacks Investment Research expressed concerns over the company's operations in China, citing the earthquake that rocked the country's Sichuan province on Monday, leaving at least 10,000 dead.

"They have China operations and with the earthquake in China, that could be tricky for them but that news is yet to come out," analyst Jon Kolb said from Boston.

Canadian Solar, which is incorporated in Canada and has manufacturing plants in China, could not be immediately reached for comment.

For the second quarter, the company forecast a net income of $17 million to $18 million, excluding items, on net revenue of $185 million to $190 million.

Analysts were expecting earnings of 31 cents a share on revenue of $167.85 million.