the company raised its 2008 revenue and output outlook to reflect robust demand for its e-Module products. The solar cell maker said it expects sales this year of $750-870 million, up from a previous forecast of $650-750 million. According to Reuters, the Street was expecting revenues of $836.1 million. This increased forecast largely reflects recent sales of solar modules to Pro Solar Solarstrom GmbH and Iliotec Solar GmbH of Germany.
Capacity to be Raised
To meet the greater demand, the company's board authorized an unspecified increase in capital expenditures to boost capacity. Canadian Solar said it expects to realize the e-Module sales to Pro Solar and Iliotec Solar in the second half of 2008. Other e-Module shipments of 10-12 MW to the U.S. and South Korea are expected later in 2008.
Canadian Solar, which is incorporated in Canada and has manufacturing plants in China, expects to boost its 2008 output to a range of 230-260 MW, from its prior outlook of 200-220 MW. The company also plans to increase annual ingot and wafer capacity to 150-200 MW, from a previous target of 40-60 MW.