Canadian Solar gains in pre-market after Q1 profit
(LDK down in pre-market. Own both. Covered calls on all. LDK fine because my May calls are at 35. CSIQ I will miss most the upside with June 30 calls.)
By Steve Gelsi
Last update: 8:26 a.m. EDT May 13, 2008
NEW YORK (MarketWatch) -- Canadian Solar Inc. (CSIQ) shares are up 17% to $40.01 in pre-market trades on Tuesday after the company said it swung to a first-quarter profit of $19 million, or 61 cents a share from a loss of $3.9 million, or 14 cents a share in the year-ago period. The Jiangsu, China-based solar panel manufacturer said revenue for the three months ended March 31 rose to $171 million from $17.5 million in the year-ago period. Analysts surveyed by FactSet forecast earnings of 32 cents a share and revenue of $151.2 million, on average. In the fourth quarter, Canadian Solar reported net income of $5.9 million on revenue of $127.5 million.
