Why Canadian Solar's Shares Plunged 15.6% Today

Shares of solar manufacturer Canadian Solar (NASDAQ: CSIQ) plunged as much as 15.6% in trading Wednesday after reporting of third-quarter 2019 results. Shares were still down 15.4% at 2:00 p.m. EST and didn't show any signs of recovery.

Revenue fell from $768.0 million a year ago to $759.9 million and was below the guidance of $780 million to $810 million. Net income fell from $66.5 million a year ago to $58.3 million, or $0.96 per share. On a non-GAAP basis, which pulls out one-time effects, earnings were $0.66, well below the $0.88 that analysts expected.

Image source: Getty Images.

Continue reading

Source Fool.com