UPDATE: Canadian Solar Reports Strong Rise In Q2 Profit

Canadian Solar Inc CSIQ reported strong rise in its second-quarter profit. Canadian Solar's quarterly net income jumped to $7.1 million, or $0.16 per share, from $3.2 million, or $0.07 per share, in the year-ago period. Its net revenue surged 47% to $481.8 million. However, analysts were expecting earnings of $0.28 per share on revenue of $449.8 million. Solar module shipments surged 59% to 287 megawatts (MW) in the quarter. Canadian Solar projects Q3 shipments in the range of 350-360 MW. Canadian Solar shares dropped 3.43% to $7.60 in pre-market trading.