August 17, 2011 / 10:07 AM / 7 years ago

UPDATE 1-Canadian Solar Q2 profit doubles, margin pressured

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Aug 17 (Reuters) - Canadian Solar Inc doubled its second-quarter income as sales rose, but failed to top market estimates as solar subsidy cuts in Europe created an oversupply of panels in the market and sent prices into a tailspin.

Solar module shipments in the quarter rose 59 percent to 287 megawatts (MW). For the third quarter, shipments are expected to be in the range of about 350-360 MW.

Second-quarter gross margin fell to 13.2 percent from 13.6 percent in the year-ago period. July-September gross margin is seen at 9-12 percent.

April-June net income rose to $7.1 million, or 16 cents a share, from $3.2 million, or 7 cents a share, a year ago.

Net revenue rose 47 percent to $481.8 million.

Analysts were expecting an income of 28 cents a share, and revenue of $449.8 million, according to Thomson Reuters I/B/E/S. (Reporting by Krishna N Das in Bangalore and Matt Daily in New York; Editing by Saumyadeb Chakrabarty)

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