Canadian Solar (CSIQ) is well off the morning lows and now tradingup 3% after reporting a better than expected non GAAP loss of.10/share, but on revenues that plunged 71% over the year ago quarterto $49.5 million. The CEO said the company closed the quarter with astrong, liquid balance sheet and is increasing its sales staff. Hebelieves Q2 shipment levels will be significantly higher than Q1, butis cautious due to US customers continuing to face an uncertainfinancing environment.
Dr. Shawn Qu continued: “Canadian Solar has achieved the scaleand cost structure to be a long-term player in the solar industry. Wecurrently have one of the most complete crystalline solar moduleproduct lines, consisting of high-efficiency mono-crystalline solarmodules, multi-crystalline solar modules and our medium power but lowcost e-Modules. Our high-efficiency crystalline solar products competefavorably with our competitors, while our medium power e-Modulessupplement our high-efficiency product line by offering the quality anddurability of crystalline products at prices approaching those ofthin-film products.
Looking ahead, the company is being conservative and expects full 2009 shipments to be around 200 – 220MW.