One of the world`s largest solar companies, Canadian Solar (CSIQ), has increased its second quarter profits by 113.3% from the prior quarter, posting net income of $3.2 million, or $0.07 per diluted share, for the three months ending June 30 2010, versus profits of $1.5 million, or $0.03 per diluted share in the first quarter of this year, as demand and pricing in the solar industry continue to be strong.
Net revenues decreased slightly from the last quarter to $328.7 million, compared to $336.9 million, but went up by 187.8% on the prior-year quarter from net revenues of $114.2 million. Gross margin was 13.6% for the second quarter, versus 12.4% in Q1 2010, due to a boost in internal capacity.
Larry Dignan (
Sales, was dumping shares like there was no tomorrow and one had to figure that there could hardly be a better indicator of weaker sales ahead. Then Q1 and Q2 results came out and they were terrific and Ceva raised its revenue and earnings guidance for the rest of the year. Beyond 2010 the company is projecting earnings within a few years at roughly double the current level. Conventional wisdom would say trust their actions (the selling) more than their words (the projecting) but my gut tells me that the company is being sincere and the business is going very well.