NEW YORK (Reuters) - Canadian Solar Inc doubled its second-quarter profit but fell well short of Wall Street forecasts as shipments of its photovoltaic solar modules missed the company's goal.
Steep declines in the prices of the renewable energy systems pressured margins at Canadian Solar, which has been one of the fastest growing companies in the solar sector in recent years.
Still, subsidy cuts in Europe and an oversupply of panels has sent prices into a tailspin and squeezed margins across the nascent industry, driving share prices sharply lower.