Canadian Solar (CSIQ) Raises Guidance - Stock up 15%

It is nice to finally be in a solar stock that understands how to manage Wall Street, unlike a stock we own that shall remain nameless - Canadian Solar (CSIQ) out with a Q2 revenue increase. However, no increase to earnings guidance.

• Canadian Solar Inc. said Monday it expects its second-quarter revenue will be higher than the solar cell maker and analysts previously forecast. (under promise, over deliver)
• The company, which is incorporated in Canada and conducts all manufacturing in China, expects to report sales of $210 million to $214 million, up from its earlier forecast of $185 million to $190 million. The latest forecast includes about $6 million of silicon and other sales, the company said.
• Analysts surveyed by Thomson Financial predicted the company would report sales of $188 million, on average.
• Canadian Solar said it shipped about 47 megawatts of solar module products during the quarter.
• The company predicted gross profit of $33 million to $35 million, and said it will record a one-time, non-cash charge of about $10 million related to its conversion of $74 million worth of senior notes.
• Canadian Solar reiterated its full-year 2009 production forecast of 500 to 550 megawatts of solar modules.