Canadian Solar posts Q1 profit, says audit investigation ends

* Q1 EPS $0.03 vs est $0.07

* Q1 net rev zooms to $336.9 mln; beats estimates

* Sees Q2 shipment of 173-177 MW

* Backs FY shipment view

Aug 20 (BestGrowthStock) – Canadian Solar Inc (CSIQ.O: ), which got a
subpoena from U.S. regulators seeking documents relating to
certain sales last year, posted a quarterly profit that lagged
estimates on higher expenses, and forecast sequentially lower
shipments for the second quarter.

“Absent new information coming to light, the audit
committee investigation has been concluded,” the company said
in a statement late Thursday.

The Chinese company had delayed the full release of its
first-quarter results following an investigation by its audit
committee. It got a subpoena from the Securities and Exchange
Commission in June.

For the second quarter, Canadian Solar sees shipments of
about 173-177 MW and backed its 2010 shipment view.

Net income for the first quarter ended March 31 was $1.5
million, or 3 cents a share, compared with a net loss of $4.8
million, or 13 cents a share, a year ago.

Net revenue shoot up to $336.9 million, from $49.5 million
in the year ago quarter. Shipments for the latest quarter were
185 MW, compared to 18 MW last year. However, total quarterly
operating expenses more than tripled to $20.7 million.

Europe was the largest market for the company with
shipments to the region growing partially due to increased
demand ahead of Germany’s proposed reduction in solar
subsidies.

Analysts on average expected the company to earn 7 cents,
on revenue of $330.9 million, according to Thomson Reuters
I/B/E/S.

Shares of the company, which have fallen 53 percent in the
last six months, closed at $12.52 Thursday on Nasdaq.
(Reporting by Krishna N. Das in Bangalore; Editing by Jarshad
Kakkrakandy)

Canadian Solar posts Q1 profit, says audit investigation ends