BUZZ-Canadian Solar Inc: Up on profit beat, raised forecast

Wed May 11, 2016 7:02am EDT
 
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** Solar company's shares up 5.4 pct at $16.30 premarket

** Reports higher-than-expected Q1 profit, raises FY revenue forecast

** Raises 2016 revenue forecast to $3 bln-$3.2 bln from $2.9 bln-$3.1 bln

** Sees Q2 total module shipments of 1,200-1,250 MW, higher than 1,198 MW shipped in Q1

** Forecasts Q2 revenue of $710 mln-$760 mln, largely higher than Q1 revenue of $721.4 mln

** Expects Q2 gross margin of 15 pct-17 pct, largely higher than Q1 margin of 15.6 pct

** Up to Tuesday's close, stock had fallen 60 pct in 12 months