Canadian Solar jumps as 1Q earnings top Street

The results easily surpassed analyst expectations and -along with a surprisingly large forecast for second-quarter revenue -lifted shares $6.15, or 18 percent, to $40.25 in premarket electronic trading. The stock closed 4 p.m. trading Monday at $34.10.

The company reported net income for the three months ended March 31 of $19 million, or 61 cents per share, compared with a loss in the year-earlier quarter of $3.9 million, or 14 cents per share.

Analysts polled by Thomson Financial, on average, expected earnings per share of 31 cents.

The per-share results reflect 18 percent higher number of shares outstanding in the recent quarter versus last year.

Revenue jumped to $171.2 million from $17.5 million. Analysts expected revenue of $151.9.

Revenue from Europe, especially Spain and Germany, soared to $167.6 million from $12.1 in the year-earlier period.

Chief Financial Officer Bing Zhu credited "strong pricing, the strong euro versus the U.S. dollar and internal cost cutting."

The company, which is incorporated in Canada and conducts all its manufacturing in China, said it expects second-quarter revenue to surpass analyst forecasts.