Canadian Solar updates expectations for Q1 2010

Ontario, Canada - Solar power company Canadian Solar Inc. announced that based on selected unaudited financial results, it now expects PV module shipments in the first quarter of 2010 to be approximately 189 MW to 191 MW, with gross margins at 13% to 13.5%.

This compares to prior expectations for shipments of approximately 180 MW to 190 MW and gross margin in the mid-teens. The Company expects to incur a material net foreign exchange loss for the quarter, estimated at US $18 million to US $20 million pre-tax, due to the significant depreciation of the Euro against the U.S. dollar during the quarter.

Source: IWR Online, 23 Apr 2010