UPDATE 2-Canadian Solar expects retroactive EU duties on solar imports

Mon Mar 11, 2013 1:34pm EDT
 
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* Sees first-quarter gross margin of 8-10 pct vs 5 pct in fourth quarter

* Says focus on returning to profitability in 2013

* Fourth-quarter revenue down 38 pct, biggest fall in 3 quarters

* Shares fall as much as 12 percent (Adds conference call details, analyst comment; updates shares)

By Swetha Gopinath

March 11 (Reuters) - Canadian Solar Inc reported a bigger-than-expected quarterly loss and said retroactive duties on China-made solar products by the European Commission could reverse a pick-up in demand for its products in the continent.

The stock of the company, most of whose manufacturing operations are in China, fell 12 percent to a two-month low of $3.28 on the Nasdaq on Monday.

Shares of Yingli Green Energy Holding Co Ltd, LDK Solar Co Ltd and Jinkosolar Holding Co Ltd also fell.

"European demand has improved lately, but has the potential to become choppy due to the strong hints that the European Commission may consider implementation of retroactive duties," Canadian Solar CEO Shawn Qu said on a conference call.   Continued...