China Sunergy
China Sunergy is a specialized manufacturer of solar cell products in China. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets.
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China Sunergy turns Q4 profit; shares rise almost 9%
China Sunergy (NADAQ:CSUN), a Chinese solar cell and module manufacturer, said Thursday it turned a profit in the fourth quarter, beating analyst estimates.
As a result, the company's shares rallied 8.8% to trade at $4.31 as of 3:05 pm EST.
For the fourth quarter ended December 31, the company reported a net income of $15 million, or 37 cents per American Depositary Receipt (ADS), compared with a loss of $3.6 million, or 9 cents per diluted ADS, for the year-ago period. Revenues were $169.6 million, up from $97.6 million.
Analysts polled by Thomson Reuters expected the company to earn 33 cents per ADS on revenues of $174.9 million.
During the quarter, the company shipped 60.6 MW of solar modules and 33.9 MW of solar cells, below the company's previous guidance of a total of 102 MW.
For the full year, the company reported a net income of $51.7 million, or $1.26 per diluted ADS, compared with a loss of $10.3 million, or 26 cents per diluted ADS, for the year-ago period. Revenues were $517.2 million, up from $284.9 million.
"We believe the PV market is poised for growth, despite incentive program adjustments in Europe. Demand there remains strong while emerging markets will continue to grow," said CEO Zhifang Cai.
"2011 will be another year of growth and progress for China Sunergy as we continue to focus on cell efficiency improvement, cost control, sales network expansion and further vertical integration."
The company expects to ship between 98 MW to 110 MW in the first quarter and 670 MW to 690 MW of solar products for the entire 2011.
