REFILE-UPDATE 1-Canadian Solar posts Q1 loss

(Corrects paragraph 2 to show that the comparable net income figure is in US dollar, not Canadian)

* Revenue falls more than 70 percent

* Sees FY09 shipments of 200-220 MW

May 26 (Reuters) - Canadian Solar Inc (CSIQ.O) posted a first-quarter net loss, but said it expects second-quarter shipments to be higher than the current quarter.

For the latest quarter, the solar cell maker posted a loss of $4.8 million, or 13 cents a share, compared with net income of $18.6 million, or 57 cents a share, in the year-ago quarter.

Excluding items, Canadian Solar reported a loss of 10 cents a share.

Revenue fell 71 percent to $49.5 million.

"We expect our Q2 shipment level will be significantly higher than that of Q1, reflecting improved solar installation levels around the world and increased demand for our high-quality and cost-competitive solar products," the company said in a statement.

Canadian Solar said it has a more conservative outlook and expects full-year shipments to be in the range of 200 to 220 MW, with previously issued net revenue outlook adjusted accordingly.

Previously the company said it expected 2009 revenue between $600 million and $800 million.

The company's shares, which have gained more than 135 percent over the last three months, closed at $10.01 Friday on Nasdaq.

For related alerts, double click on [ID:nWNAB3207] (Reporting by Isheeta Sanghi in Bangalore; Editing by Anil D'Silva) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))