Canadian Solar Updates 4Q09 Outlook; to Present at Piper Jaffray Fifth Annual Clean Technology & Renewables Conference
Canadian Solar Inc. (Nasdaq: CSIQ) today updated its outlook for the fourth quarter 2009 ended December 31, 2009 based on selected unaudited financial results. The Company also announced that Dr. Shawn Qu, Chairman and CEO, and Alex Taylor, Director, Investor Relations & Special Projects, will present at Piper Jaffray's Fifth Annual Clean Technology & Renewables Conference at 10:30 a.m. Eastern Time on Tuesday, February 23 at The Westin New York at Times Square, New York. A webcast of the presentation will be made available on the investor relations section of the Company's website at http://www.canadiansolar.com.
While shipments for the fourth quarter 2009 are expected to be slightly higher than prior guidance for shipments of approximately 128 MW to 138 MW, the Company now expects its gross margin to be in the mid-teens compared to prior expectations for the high-teens on a percentage basis. The expected gross margin variance is due to higher processing costs and lower yields caused by certain defective production equipment at the Company's new ingot and wafer plant. The Company is in the process of correcting these issues with the equipment vendor. The margin variation in the fourth quarter 2009 is also due to the clearing and revaluing of certain aged solar cell inventory, partly caused by the reduction of module ASP in December 2009.
The above outlook is based on the Company's current views with respect to operating and market conditions, its current order book and customer' forecasts, which are subject to change. The risks to our guidance also include changes in product pricing, availability and pricing of feedstock, and the project financing environment.
The Company will hold a conference call to discuss its financial results for the fourth quarter 2009 and business outlook on Wednesday, March 3, 2010 at 8:00 a.m. U.S. Eastern Time (9:00 p.m.March 3, 2010 in Hong Kong). The dial-in phone number is +1-617-597-5343, with passcode 61962000. A live webcast of the conference call will also be available on Canadian Solar's website at http://www.canadiansolar.com .
A replay of the call will be available approximately one hour after the conclusion of the live call through 10:00 a.m. on March 10, 2010, U.S. Eastern Time (11:00 p.m., March 10, 2010 in Hong Kong) by telephone at +1-617-801- 6888. To access the replay, use passcode 21133073. A webcast replay will also be available at http://www.canadiansolar.com .
About Canadian Solar Inc. (NASDAQ: CSIQ)
Canadian Solar Inc. is a leading vertically integrated provider of ingot, wafer, solar cell, solar module and other solar applications. Canadian Solar designs, manufactures and delivers solar products and solar systems for on- grid and off-grid use to customers worldwide. Canadian Solar is one of the world's largest solar module producers by manufacturing capacity. With operations in North America, Europe and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global sustainable development.
Source: Canadian Solar
