Canadian Solar Revises Q4 Results Lower; 2 U.S. Execs Out

Canadian Solar (CSIQ) shares are trading lower after hours following the China-based solar company’s restatement of results for the December quarter.

The company revised its Q4 results to show revenue of $141.2 million and a loss of 38 cents a share, with shipments of 141.2 MW; the company originally reported $155.5 million in revenue, a profit of 35 cents a share and shipments of 155.5 MW.

For the first quarter, the company posted revenue of $336.9 million and profits of 4 cents a share; the Street has been expecting $331 million and 7 cents.

For Q2, the company expects shipments of 173 MW to 177� MW. The company maintains its full year guidance for shipments of 700-800 MW.

Buried in the release was the disclosure that two of the company’s U.S. execs, sales VP Mike Mikovsky and U.S. acting President Greg Ashley have resigned.

Also in the release: the company said its audit committee has completed its investigation into certain transactions noted in a subpoena from the SEC, and found that they were correctly accounted for in the company’s financial filings. CSIQ said that “absent any new information coming to light, the audit committee investigation has been concluded.” The company announced the SEC investigation in June.

CSIQ in late trading is down 52 cents, or 4.2%, to $12.