Canadian Solar Sees Stronger German Salesadmin
Canadian Solar Inc. shares hit a new high after the maker of photovoltaic cells and modules lifted its 2008 revenue forecast, citing strong sales to German customers.
Canadian Solar rose as high as $49.24 before moving back to $47.59, up $5.13 or 12.1 percent, in afternoon trading.
The company, which also announced increased capital spending plans, expects sales of $750 million to $870 million this year, up from a previous forecast of $650 million to $750 million.
The higher forecast largely reflects recent sales of solar modules to Pro Solar Solarstrom GmbH and Iliotec Solar GmbH of Germany. To meet the greater demand the company’s board authorized an unspecified increase in capital expenditures to boost capacity.
The company is incorporated in Canada and has all its manufacturing in China.