After blockbuster results from LDK, we have another reporting company Canadian Soar, CSIQ), and more (slightly less) blockbuster results. But the shares are… down 10% 

Here are the details from Reuters:

• Canadian Solar Inc (CSIQ.O: Quote, Profile, Research, Stock Buzz) posted a quarterly profit that beat market expectations, helped by strong demand for its solar modules and raised its full-year revenue outlook.
• For the second quarter, the solar cell maker earned $10.5 million, or 36 cents a share, compared with a loss of $2.9 million, or 11 cents a share, in the year-ago period.
• Excluding certain items, the company earned 78 cents a share.
• Net revenue rose to $212.6 million from $60.4 million a year ago.
• Analysts, on average, were expecting earnings of 58 cents a share, excluding items, on revenue of $212.2 million, according to Reuters Estimates.
• Canadian Solar, which is incorporated in Canada and has manufacturing plants in China, raised its full-year revenue outlook to $850 million to $970 million, up from its prior outlook of $750 million to $870 million.
• Analysts, on average, were expecting full-year revenue of $926.3 million.
• The company also said it expects third-quarter non-GAAP net income of $24 million to $25 million, on revenue of $245 million to $255 million.
• Analysts are expecting third-quarter earnings of 61 cents a share, excluding items, on revenue of $253.7 million.

The shares are down 10%, so was there a catch? Well, they were up a lot yesterday with the LDK news (clearly anticipating blockbuster results so giving little margin for any disappointment, something we warned about also in relation to Trina Solar yesterday).

And there was this, from Thompson Media:

• Shares of solar companies fell in morning trading Wednesday as investors expressed disappointment with Canadian Solar Inc.’s 2009 shipping target.
• Earlier Wednesday, Canadian Solar affirmed its 2009 shipment target of 500 megawatts (MW) to 550 MW, which includes 400 MW of regular solar modules and 100 MW to 150 MW of e-Modules. In a note to clients, Lehman Brothers listed the shipment guidance as a “bear point.”

The rest of the article is a repeat of the facts already mentioned above, it would have been nice if Lehman Brothers had explained why the 2009 guidence is a “bear point”, because at module prices per MW for even a very bearish $3.50, 500MW would rake in $1.75B in revenues next year, 100% more than this year. What’s bearish about that? We have to disagree