Canadian Solar 4th-quarter loss widens

Canadian Solar 4Q loss widens as solar module shipments decline, operating expenses rise

Associated Press

NEW YORK (AP) -- Canadian Solar said Monday that its fiscal fourth-quarter loss widened versus a year ago as solar module shipments dropped and operating expenses increased. Its shares fell more than 3 percent in premarket trading.

The Canadian solar power company lost $105 million, or $2.43 per share, for the three months ended Dec. 31. That compares with a loss of $59.9 million, or $1.39 per share, a year ago.

Excluding a provision for an arbitration decision and bad debt allowance, it lost $1.01 per share in the latest quarter.

Total operating expenses climbed to $106.4 million from $62.9 million.

Revenue fell 38 percent to $294.8 million from $474.1 million as solar module shipment declined. Sales to European markets and North America slowed.

For the year, Canadian Solar Inc. lost $195.5 million, or $4.53 per share. It lost $90.8 million, or $2.11 per share, in the prior year. Annual revenue dropped 32 percent to $1.29 billion from $1.9 billion.

Solar module shipments rose 16.6 percent to 1,543 megawatts from 1,323 megawatts.

Looking ahead, Canadian Solar expects first-quarter photovoltaic module shipments between about 290 megawatts and 310 megawatts. The company based in Guelph, Ontario in Canada anticipates full-year photovoltaic module shipments in a range of approximately 1.6 gigawatts to 1.8 gigawatts.

Its shares slipped 13 cents, or 3.5 percent, to $3.60 in premarket trading 90 minutes ahead of the opening. They had reached a 52-week high of $5.15 per share on Feb. 19. They hit a low for the past year of $1.95 on Nov. 15.

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