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Canadian Solar (CSIQ) Stock Gains on Higher Third Quarter Guidance

NEW YORK (TheStreet) -- Shares of Canadian Solar (CSIQ - Get Report) were gaining 7.6% to $22.25 on Monday after the solar module maker raised its third quarter guidance.

Canadian Solar said it expects revenue of $805 million to $815 million for the third quarter, up from its previous guidance of $570 million to $620 million for the quarter. Analysts expect the company to report earnings of $616.09 million for the third quarter.

The company also expects to ship about 1.18 GW to 1.23 GW of solar modules for the third quarter, above its previous forecast of 970 MW to 1.02 GW for the quarter.

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Canadian Solar said the higher guidance reflects the higher than expected solar demand in the quarter and its sale of the 51% of the 200 MW Tranquility solar power project in California to Southern Company (SO).

The solar module company will announce its full third quarter financial results before the market opens on November 10.

"We are...


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