Canadian Solar Drops After Loss Exceeds Estimates: Toronto Mover
Canadian Solar Inc. (CSIQ), the Ontario- based solar-panel maker, fell the most in almost five months after reporting a fourth-quarter loss that exceeded analysts’ estimates.
Canadian Solar, which is based in Kitchener and makes panels in China, fell 13 percent to $2.85 at the close in New York, the most since Oct. 17. The shares have gained 7.1 percent this year.
The company’s net loss was $59.9 million, or $1.39 a share, compared with net income of $25.5 million, or 58 cents, a year earlier, it said today in a statement. Analysts had expected a loss of 22 cents, the average of six estimates compiled by Bloomberg.
Shipments for the year rose 65 percent to 1.3 gigawatts from 2010.
Canadian Solar forecast shipments of 1.8 gigawatts to 2 gigawatts of panels this year as it diversifies its sales. Europe accounted for 47 percent of fourth-quarter sales, from 71 percent a year earlier. Germany, the world’s biggest solar market, is lowering its subsidies for solar energy to slow growth in installations.
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