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UPDATE 1-Canadian Solar warns of revenue drop as winter delays sales

March 5 (Reuters) - Canadian Solar Inc warned of a drop in current-quarter revenue as about $100 million in sales were deferred after a severe winter in North America delayed construction of power plants.

Canadian Solar shares fell 5.5 percent to $41.25 in trading before the bell on Wednesday.

The company, which makes solar panels, is making a big push into the high-margin business of solar power plants.

Revenue in the first quarter is likely to be between $415 million and $430 million, compared with the $519.5 million it reported in the fourth ended Dec. 31, the company said.

Canadian Solar, which also blamed delayed panel shipping and low production during the Chinese New Year holiday, said it expects to recognize the deferred revenue in the second and third quarters.

The company also forecast a fall in panel shipments to 470-490 megawatts (MW) from the 621 MW it shipped in the fourth.

Canadian Solar reported its second straight quarterly profit as the industry comes out of a four-year slump, helped by soaring shipments to China and robust demand from Japan and the United States.

Net income attributable to Canadian Solar was $20.9 million, or 39 cents per share, for the fourth quarter, compared with net loss of $105 million, or $2.43 per share, a year earlier.

The company's revenue jumped 76 percent to $519.5 million.