The Mont-Tremblant, Que., skier finished in one minute 29.06 seconds for his first World Cup medal of the season. He finished 14th in Friday’s super-G.
Guay raced through thick fog and extremely poor visibility to stand in first place until racers starting 35th and 39th made the most of improving conditions to move in front and deny him a victory.
American skier Steven Nyman won gold while Rok Perko of Slovenia, another late starter, finished second, 0.19 seconds behind Nyman's time of 1:28.82.
“I'm pumped that from top to bottom I was attacking and skiing well. I did pretty much everything I had to do,” said Guay. “I definitely feel like I was one of the better skiers out there today. I had a little bit tougher conditions but (the late starters) took advantage of their start position well.
It was Guay’s 18th career World Cup medal. The 31-year-old now sits only two behind Steve Podborski, who holds the Canadian record for World Cup podiums with 20.
“Two more podiums and I will (tie) Steve’s record," said Guay. "I don’t spend my nights dwelling on it but to be able to say I’m the best skier in Canadian history would be something special.”
Guay’s teammate Manuel Osborne-Paradis, of Vancouver claimed a seventh-place finish.
Overall World Cup leader Aksel Lund Svindal was fifth.