Canadian Solar (CSIQ) shares are down sharply in late trading after the company said it has received an SEC subpoena relating to certain 2009 sales transactions. The company said its audit committee as begun an internal investigation as well, and it postponed the release of Q1 results, which had been scheduled for tomorrow.
The company also said that it shipped an estimate 186.4 MW of modules in Q1.
Canadian Solar said that 2009 Q4 and full year results may be revised “due to the company’s intention to recognize sales only after receiving full cash payments from certain customers and due to certain subsequent return of goods after the quarter end.”
CEO Shawn Qu said demand was very strong in Q1, but added that the unexpected deterioration of the Euro and a higher ratio of external purchased cells put pressure on margins.
For Q2, the company sees shipments of 170 MW to 180 MW, with gross margin of 13%-14%. For the second half, the company expects shipments to exceed those in the first half. For the full year, CSIQ now sees shipments of 700-800 MW, up from previous guidance of 600-700 MW.
In late trading, CSIQ is down $2.03, or 17%, to $9.83.
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