Canadian Solar Falls to Record Low on Reduced Forecast
Canadian Solar Inc. (CSIQ), the third- largest maker of solar panels, fell to a record low after third- quarter sales slumped and the company reduced its shipment forecast for 2012.
Canadian Solar declined 14 percent to $2.03 at the close in New York, the lowest since the shares began trading in November 2006.
The company reported today third-quarter revenue of $326 million, down 35 percent from a year earlier. The net loss was $43.7 million, or $1.01 a share.
Canadian Solar expects to ship 1.5 gigawatts to 1.6 gigawatts of panels this year, down from an earlier forecast of 1.8 gigawatts to 2 gigawatts.
The solar company, which is based in Kitchener, Ontario, and manufactures most of its products in China, shipped 384 megawatts in the third quarter, compared with 355 megawatts a year earlier and 412 megawatts in the second quarter of 2012.
Suntech Power Holdings Co. and First Solar Inc. (FSLR) were the largest solar-panel makers based on 2011 production capacity, according to data compiled by Bloomberg.
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