Canadian Solar Inc.(CSIQ), a Canadian renewable energy company, on Thursday reported a decline in revenue for the third quarter, mainly due to lower sales of solar modules.
For the three-month period to September 30, the company recorded a net income of $8.986 million, compared with a net loss of $14.026 million in the same period last year. Net loss was $0.07 per share as against the prior year's net loss of $0.31 per share.
Excluding items, loss was $25.620 million, or $0.58 per share, compared with last year's loss of $14.026 million, or $0.31 per share. Income from operations surged to $34.589 million from $0.294 million a year ago.
Revenue was $1.487 billion, down from $1.507 billion in the previous year. Revenue from Solar modules stood at $839.421 million, less than last year's $1.217 billion.
Looking ahead, for the fourth quarter, Canadian Solar expects revenue of $1.3 billion to $1.5 billion, less than the $1.521 billion of last year's final quarter.
CSIQ was up by 12.44% at $32 in the pre-market trade on the Nasdaq.
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