SAN FRANCISCO (MarketWatch) — Shares of Canadian Solar Inc. fell 9% on Wednesday as the solar company warned of a drop in current-quarter revenue as about $100 million in sales were deferred after “severe winter conditions in North America” delayed construction of some solar power plants.
The deferred revenue would be realized in the second and third quarter of the year, Canadian Solar CSIQ -0.03% said.
The company reported early Wednesday a net income of $20.9 million, or 39 cents a diluted share, in the fourth quarter, compared with a loss of $105 million, or $2.43 a share, a year earlier.
Analysts polled by FactSet had expected the company to report fourth-quarter earnings of 41 cents a share.
Canadian Solar reported fourth-quarter total solar module shipments of 621 megawatts, compared with 478 megawatts in the third quarter and 404 megawatts in the fourth quarter of 2012.
The company makes most of its solar modules in China. It recently has pivoted to high-margin solar plants.
Shares of Canadian Solar are up 970% in the past 12 months, and 37% in the past three months. The stock was the best-performing solar stock in 2013. So far this year, it’s up 33%, broadly in line with peers.
Shares of SolarCity Corp. SCTY +0.08% were down 2.2%. The solar installer said Monday it found an accounting error that will lead it to restate 2012 and 2013 financial results, and plans to file complete fourth-quarter results March 18.
So far this week, SolarCity shares are down 4.9%. Shares have gained 336% in the past 12 months.
U.S.-listed shares of JA Solar Holdings Co. Ltd. JASO -5.85% were off 4.8%. The Chinese company said it will report earnings on March 17.
Meanwhile, shares of fuel-cell maker Plug Power Inc. PLUG +0.44% rose 1.9%, bringing weekly gains so far to 45%.
Shares have been on a tear since the company, which mostly provides fuel-cell products for warehouse equipment such as forklifts, announced a deal with six Wal-Mart Stores Inc. distribution centers, and analysts at Cowen & Co. said they expect additional, similar deals this year.
Plug Power is expected to report fourth-quarter results on March 13.
Analysts polled by FactSet expect the company to post a loss of 8 cents per share, narrowing a loss of 22 cents a share in the year-ago period. Sales were seen coming in at $7.40 million, up from $5.9 million in the fourth quarter of 2012.
SOURCE: http://www.marketwatch.com/story/canadian-solar-down-on-warning-earnings-miss-2014-03-05