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Canadian Solar rockets on bright full-year guidance

Solar panel installation
Lester Lefkowitz | Getty Images

Shares of Canadian Solar soared on the back of a bright earnings report.

The solar company reported adjusted first-quarter earnings of 39 cents a share on revenue of $721 million, blowing past expectations for 14 cents a share on sales of $663 million, according to consensus estimates from Thomson Reuters.

Canadian Solar also raised its full-year sales guidance. The company said that it now expects $3 billion to $3.2 billion in revenue for 2016. It had previously forecast $2.9 billion to $3.1 billion in sales for the year.

The stock was up more than 12 percent on Wednesday.

Michael Potter, chief financial officer of Canadian Solar, cited a weaker dollar against key trading currencies helped boost the company's results.

"Our project business also continues to be strong with on-schedule progress for construction in the USA, Japan and the U.K. Our financial strength has allowed us to finance our projects at lower than expected rates," Potter said in a statement.

Separately, the company announced Potter will be stepping down as CFO to "pursue other interests, but has agreed to serve in an advisory role to support the seamless transition of the senior finance function in the company."

Huifeng Chang will become the new CFO starting on May 22. Chang was previously senior vice president of corporate strategy, business development and finance for the company.

Canadian Solar shares are down 40 percent so far this year.

CSIQ year to date before earnings

Source: FactSet