Canadian Solar Inc.'s (NASDAQ:CSIQ) micro cap stock was down on Wednesday after the solar panel manufacturer reported not only a loss for the second quarter, but a slump that turned out to be even worse than analysts predicted.
According to Bloomberg, the total loss amounted to $25.5 million, or 59 cents per share, compared with a net income of $7.1 million, or 16 cents per share, in the same period of 2011. The decline came amid falling panel prices, which analysts thought would widen the company's loss to only 29 cents per share.
Still, Canadian Solar held firm on its commitment to ship as much as 2 gigawatts of panels in 2012. Analysts, however, couldn't quite stomach this positive sentiment.
"They’re really pushing their credibility by maintaining full-year shipment guidance when they just had a miss," said Mark Bachman, an analyst at Boston-based Avian Securities LLC. "That’s going to be a real challenge."
As of 2:50 p.m. on August 15, the company's stock was down 10.9 percent to $2.71.
