Canadian Solar swings to loss; revenue up 32%

TEL AVIV (MarketWatch) -- Canadian Solar Inc., the Kitchener, Ontario, producer of solar-power modules, swung to a third-quarter net loss from a year-earlier profit on 32% higher revenue. The net loss was US$43.9 million, or $1.02 a share, compared with net income of $20.3 million, or 47 cents, in the year-earlier period. Revenue reached $499.6 million from $377.2 million. A survey of analysts by FactSet Research produced consensus estimates of a loss of 52 cents a share on revenue of $497.9 million. The solar industry "continues to navigate pricing pressures, financing restrictions and fluctuating subsidies," Chairman and Chief Executive Shawn Qu said in a Tuesday statement. Chief Financial Officer Michael G. Potter said the company's capacity is adequate and inventory consists of "modules that customers want." Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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