(RTTNews) - Tuesday, Canadian Solar Inc. (CSIQ: News ), a solar module products manufacturer, reported a loss in its first-quarter, compared to profit in last year, reflecting sharp decrease in revenues.

Canadian Solar posted first quarter net loss of US$4.79 million or US$0.13 per share, compared with net profit of US$18.59 million or US$0.57 per share in the last year.

Non-GAAP net loss amounted to US$3.54 million or US$0.10 per share, compared to a profit of US$20.8 million or $0.64 per share in the year-ago quarter.

On average, eight analysts polled by Thomson Reuters expected the company to report loss of US$0.26 per share for the quarter. Analysts' estimates typically exclude special items.

The company recorded a gain on foreign currency derivative assets of US$11.36 million in the latest quarter. On the other hand, the company had a foreign currency loss of US$2.87 million, compared to a gain of US$8.31 million in the previous-year quarter.

Shawn Qu, chairman and CEO of Canadian Solar, commented: "Our results for the first quarter were in line with our expectations, as we continued to exercise prudent financial management in response to the global economic downturn and the resulting pressure on all levels of the solar industry value chain."
Three-month net revenues declined to US$49.5 million from US$171.2 million in the prior year quarter. Wall Street analysts had a consensus revenue estimate of US$54.08 million for the quarter.

Going forward, Canadian Solar expects second-quarter shipment level to be significantly higher than that of first-quarter, reflecting improved solar installation levels around the world and increased demand for high-quality and cost-competitive solar products. The company now expects full year 2009 shipments to be around 200 MW - 220 MW.

Additionally, the company announced that Yan Zhuang would become Vice President, Sales and Marketing, effective June 1, 2009. Yan Zhuang would resign from Canadian Solar's board where he has served as an independent director since September 2007.

Zhuang has worked in corporate branding, sales and marketing positions with, or provided consulting services to, a variety of multinational companies for over 20 years. He previously served as Senior Vice President, Sales and Marketing, and Head of Asia for Hands on Mobile Ltd.

CSIQ closed Friday's trading session at $10.01.

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by RTT Staff Writer

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