March 11 (Bloomberg) -- Canadian Solar Inc., the Ontario-based solar-panel company with manufacturing operations in China, fell to the lowest in more than two months after reporting quarterly losses widened 75 percent on declining prices.
Canadian Solar fell 16 percent to $3.15 at the close in New York, the lowest since Dec. 18.
The net loss widened to $105 million, or $2.43 a share, from $59.9 million, or $1.39, a year earlier, the Guelph, Ontario-based manufacturer said today in a statement. Sales slipped 38 percent to $295 million.
“The year-over-year decline in gross profit was primarily due to lower average selling prices,” the company said.
The company shipped 404 megawatts of panels in the fourth quarter, and expects that to slump as much as 28 percent in the current quarter to 290 megawatts to 310 megawatts. Shipments in 2012 increased 17 percent from 2011 to 1,543 megawatts.
Canadian Solar is focused on regaining profitability this year, Chief Executive Officer Shawn Qu, said today on a conference call with analysts. By avoiding “profitless growth,” the company wants to “set our path different from some of our competitors.”
Average prices for solar panels have fallen more than 23 percent industrywide in the past year, according to data compiled by Bloomberg.
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