Canadian Solar Inc. (NASDAQ:CSIQ) reported second-quarter revenue of $1.69 billion, up 4% year over year but below the $1.95 billion consensus estimate. The company posted a net loss of 8 cents per share, compared with earnings of 2 cents a year earlier, and an adjusted loss of 53 cents per share.

Total module shipments reached 7.9 GW, with the U.S., China, Pakistan, Spain, and Australia as top markets. Gross margin widened to 29.8% from 17.2% a year earlier, with gross profit rising to $505 million.

Operating expenses increased to $377.59 million, with operating cash inflow at $189 million. The company ended the quarter with $2.3 billion in total cash and $6.3 billion in debt, including $1.8 billion in non-recourse borrowings.

CSI Solar delivered $1.59 billion in revenue, while Recurrent Energy contributed $104 million. CSI Solar reported a $3 billion e-STORAGE contracted backlog, while Recurrent Energy’s development pipeline stood at 27.3 GWp of solar and 80.2 GWh of storage.

For the third quarter, Canadian Solar expects revenue of $1.3 billion to $1.5 billion, with gross margin of 14% to 16%. For the full year, sales guidance was lowered to $5.6 billion to $6.3 billion, below the $6.33 billion consensus. Module shipments are forecast at 25 GW to 27 GW, with storage at 7 GWh to 9 GWh.

Read more at Yahoo Finance: Canadian Solar Lowers Outlook, Warns Of Challenging Second Half