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Canadian Solar posts 1Q profit, results beat Wall Street forecasts

GUELPH, Ont. – GUELPH, Ontario (AP) _ Canadian Solar Inc. (CSIQ) on Wednesday reported first-quarter profit of $22.6 million.

The Guelph, Ontario-based company said it had net income of 39 cents per share. Earnings, adjusted for non-recurring gains, came to 37 cents per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.

The solar wafers manufacturer posted revenue of $721.4 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $653.2 million.

Canadian Solar expects full-year revenue in the range of $3 billion to $3.2 billion.

Canadian Solar shares have fallen 47 per cent since the beginning of the year. The stock has dropped 60 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CSIQ at http://www.zacks.com/ap/CSIQ

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Keywords: Canadian Solar, Earnings Report