China Sunergy (CSUN) Reports Unimpressive Results With Another Quarterly Loss
China Sunergy (CSUN) is once again showing why its a 2nd rate China solar company after reporting its second straight quarterly loss, reported an adjusted loss of .08/share which was inline with analyst estimates. Revenues came in a bit higher than expected at $97.6 million. The revenue growth was there with a 126% surge over the year ago quarter and a 20% sequential improvement, but the company just can’t generate any consistency with its profits. While its competitors are seeing big improvements in revenue AND EPS, CSUN just can’t get it together on the EPS side. So, while the company matched analyst estimates, it was a rough quarter for CSUN in my opinion.
Looking ahead to next quarter, the company sees shipments of 68 – 75MW and for the full year 280 – 350MW, so the guidance isn’t quite as strong as its competitors either which are seeing a significant bump in next quarter’s shipments and a nearly doubling of shipments in 2010. CSUN forecasts flat shipments this quarter and a 50 – 80% increase for the year.
I don’t see any comment from the CEO in the press release.. not sure I’d comment either after that quarter.
Shares of CSUN are down about 5% today, but holding up around key support of the $4 level. A close below the $4 level probably sets up a move to the $3.50 level.
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