(Adds Outlook, Leadership Change)
For the full year, Canadian Solar Inc. (CSIQ) has reduced its revenue outlook to the range of $7.3 billion - $8.3 billion from the previous $8.5 billion - $9.5 billion.
Analysts on average, polled by Thomson-Reuters expect revenue of $8.71 billion for the year.
For the second quarter, revenue is expected in the range of $1.5 billion to $1.7 billion. The consensus estimate stands at $2.09 billion.
Additionally, Canadian Solar said it appointed Xinbo Zhu as Senior Vice President and Chief Financial Officer, effective May 15 in replacement of Huifeng Chang, who will move to the new role of Chief Strategy Officer.
Q1 Results:
Canadian Solar revealed a profit for first quarter that decreased from the same period last year but beat the Street estimates.
The company's bottom line came in at $12.35 million, or $0.19 per share. This compares with $83.71 million, or $1.19 per share, in last year's first quarter.
Analysts on average had expected the company to earn -$0.01 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 21.8% to $1.33 billion from $1.70 billion last year.
Canadian Solar Inc. earnings at a glance (GAAP) :
-Earnings (Q1): $12.35 Mln. vs. $83.71 Mln. last year.
-EPS (Q1): $0.19 vs. $1.19 last year.
-Revenue (Q1): $1.33 Bln vs. $1.70 Bln last year.
-Guidance:
Next quarter revenue guidance: $1.5 - $1.7 Bln
Full year revenue guidance: $7.3 - $8.3 Bln
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