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Canadian Solar Falls to Record Low

Alternative Energy, Wind/Solar Energy, Industry News

Company declines 14%after third-quarter sales slumped and the company reduced its shipment forecast for 2012.

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Manufacturing Group November 18, 2012

Canadian Solar Inc., the third-largest maker of solar panels, falls to a record low after third-quarter sales slumped and the company reduced its shipment forecast for 2012.

Canadian Solar declined 14% to $2.03, the lowest since the shares began trading in November 2006.

The company reported third-quarter revenue of $326 million, down 35% from a year earlier. The net loss was $43.7 million, or $1.01 a share.

Canadian Solar expects to ship 1.5GW to 1.6GW of panels this year, down from an earlier forecast of 1.8GW to 2GW.

The solar company, which is based in Kitchener, Ontario, and manufactures most of its products in China, shipped 384MW in the third quarter, compared with 355MW a year earlier and 412MW in the second quarter of 2012.

Edited from an article by Justin Doom, on Bloomberg .

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