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Investing.com -- Canadian Solar (NASDAQ:CSIQ), a renewable energy company based in Kitchener, Ontario, has announced a lower revenue forecast for its first quarter.
The announcement came on Tuesday, following a sharper than expected revenue decline in the first quarter due to heightened competition in the sector.
The company anticipates total revenue to be in the range of $1 billion to $1.2 billion for the first quarter, a decrease from $1.33 billion reported a year earlier. This figure also falls short of analysts’ predictions of $1.59 billion, according to data from FactSet.
In addition to the revenue forecast, Canadian Solar also provided estimates for its total module shipments recognized as revenues.
The company expects these to be within 6.4 gigawatts to 6.7 gigawatts. This figure includes approximately 400 megawatts allocated to the company’s own projects.
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