Canadian Solar (NASDAQ:CSIQ) tumbled 20% on Wednesday morning after the third-biggest panel maker reported a 68% drop in earnings.
Shares fell to $19.83, down 19.%, at 1:23 p.m. in New York.
Net income fell to $17.9mln, or $0.31 per share, in the three months ended June 30, from $55.8mln, or $0.95 per share, a year earlier, the Guelph, Ontario-based company said in a statement on Tuesday.
Second-quarter revenue rose to $636.7 million from $623.8mln year-over-year.
Canadian Solar is transitioning from a company focused on manufacturing to one that also builds, owns and operates renewable power plants.
Canadian Solar shipped 850 megawatts of panels in the quarter, falling short of its May guidance of 950 megawatts to 1 gigawatt.
The company said it expects to ship between 970 megawatts to 1.02 gigawatt in the third quarter, including about 70 megawatts to its own solar projects that will not be recognized in revenue.
Canadian Solar said it expects to report revenue of $570mln to $620mln for the third quarter, below analysts' estimates of $669.32mln for the quarter.
The company reaffirmed its guidance for delivering as much as 4.3 gigawatts this year, which would put it on track to surpass Yingli Green Energy Holding Co. to become the world’s second-largest panel producer, after Trina Solar Ltd.