China Sunergy Crushes EPS Estimate $CSUN
China Sunergy (CSUN) reported Q3 earnings results this morning that smashed analyst estimates on the EPS side, but inline on the revenue side. The company reported an EPS of .37 (well ahead of the .20/share estimate) on revenues of $126 million which matched theanalyst estimate. That’s good for quarter over quarter growth of 95%and 57% respectively.
“Supported by continued strong solar market fundamentals, we arepleased with our solid results in the third quarter as we experiencedoperational and financial progress, and achieved record shipments,revenues and gross margin in the quarter,” said Mr. Stephen Zhifang Cai.
The company expects demand in the solar market to continue togrow in the coming quarters and sees resilient ASP as well. For the 4th quarter, they predict shipments coming in at 102 – 108MW and grossmargins in the range of 15 – 16.5%. They expect shipments in the rangeof 350 – 359MW for the full year 2010.
Shares of CSUN were modestly higher today and continue to lookfairly bullish on the daily chart. A breakout above the $5 level wouldbe considerably bullish for shares of CSUN.
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