Canadian Solar Q1 Loss Widens, Revenue Falls; Q2 Revenue Outlook Set, CEO Appointed -- Shares Up Pre-Bell

MT Newswires Live05-14

Canadian Solar (CSIQ) reported a Q1 net loss Thursday of $0.71 per diluted share, widening from a loss of $0.69 a year earlier.

Analysts polled by FactSet expected a loss of $0.82.

Net revenue for the quarter ended March 31 was $1.08 billion, down from $1.2 billion a year earlier.

Analysts surveyed by FactSet expected $950.4 million.

The company expects Q2 revenue of $1 billion to $1.2 billion. Analysts polled by FactSet expect $1.52 billion.

Separately, the company appointed Colin Parkin as chief executive officer, effective immediately, while founder Shawn Qu transitioned to executive chairman and chief technology officer.

Canadian Solar shares were up 8.7% in premarket activity.

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