China Sunergy (CSUN) Misses Q3 EPS by 2c; Shipments Up 30.1%; Guides Q4 Shipments, Cautious on Weak Demand
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China Sunergy Co. (NASDAQ: CSUN) reported Q3 EPS of ($0.42), $0.02 worse than the analyst estimate of ($0.40). Revenue for the quarter came in at $145.8 million versus the consensus estimate of $150.9 million.
Shipments totaled 116.2MW (115.6MW of which were module shipments) in the third quarter, representing a 30.1% increase over Q2 2011.
Fourth quarter shipments are estimated to be in the range of 95MW to 110MW. The Company expects to breakeven at the gross margin level and forecasts a net loss in the fourth quarter. For the full year 2011, the Company estimates its total shipments to be between 395MW and 410 MW.
CSUN said, "Weak market demand and industry oversupply continued to affect our business in the third quarter, and the challenging conditions in the global solar market are expected to continue in the fourth quarter of the year."
Shipments totaled 116.2MW (115.6MW of which were module shipments) in the third quarter, representing a 30.1% increase over Q2 2011.
Fourth quarter shipments are estimated to be in the range of 95MW to 110MW. The Company expects to breakeven at the gross margin level and forecasts a net loss in the fourth quarter. For the full year 2011, the Company estimates its total shipments to be between 395MW and 410 MW.
CSUN said, "Weak market demand and industry oversupply continued to affect our business in the third quarter, and the challenging conditions in the global solar market are expected to continue in the fourth quarter of the year."
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