(Reuters) - Canadian Solar Inc (CSIQ.O) raised its fourth-quarter forecast shipments on Tuesday because of stronger-than-expected demand, sending its shares up 10 percent in post-market trading.
The move comes just days after its larger Chinese rival, Suntech Power Holdings Co Ltd STP.N, raised its fourth quarter forecast.
Canadian Solar now expects shipments of between 430 and 440 megawatts, up from its November forecast of 340 to 360 MW.
Record solar installations in Germany in December surprised most in the industry, with an estimated 3 gigawatts of panels added in the world’s biggest solar market.
The German demand helped soak up a glut of panels on the international market and stabilized prices after a decline of as much 50 percent earlier in 2011.
Canadian Solar said its gross margin
s would remain in line with the company’s earlier forecast between 5 percent and 8 percent.
The company will provide its fourth quarter results on March 7.
Canadian solar shares jumped 10 percent in post-market trading to $4.60 per share.
Reporting By Matt Daily; editing by Bernard Orr and Andre Grenon