Editorial Summary

Canadian Solar Inc. (Nasdaq: CSIQ) announced first quarter earnings before market on Tuesday. The company booked net revenue of $171.2 million, compared to $17.5 million in the year-ago period and up 34 percent quarter-on-quarter. Net income was $19.0 million, compared to a loss of $3.9 million a year ago and a net income of $5.9 million last quarter. Shipments increased to 41.8 MW in the quarter, compared to 37.8 MW in the fourth quarter.

Canadian Solar expects second quarter 2008 revenue to come in between $185 million and $190 million with shipments of approximately 45 MW. The company maintains its target of 2008 full year revenue between $650 million and $750 million from shipments of 200-220 MW.

Prior to the earnings release, the company announced that it has appointed company finance vice president Arthur Chien to director and CFO effective June 7. Former CFO Bing Zhu has resigned from the two positions to pursue other interests.