China Sunergy (CSUN) Announces Financial Results
China Sunergy Co., Ltd today announced its financial results for the second quarter of 2008, Q2 earnings of $0.08 per share, $0.05 better than the First Call consensus of $0.03.
Revenues were US$111.6 million, representing a 98.6% and 44.9% increase compared to the second quarter of 2007 and the first quarter of 2008, respectively.
Gross profit was US$11.6 compared to US$2.8 million.
Gross margin was 10.4%, compared to 4.9% a year earlier
Commenting on the financial results, Dr. Allen Wang, CEO of China Sunergy, said: “I am pleased to report another quarter during which we have grown revenues, improved margins and strengthened our balance sheet. The important steps we have taken over the past year to improve operational efficiency and develop market leading products are beginning to show genuine improvements to our bottom line and this gives me confidence that we are better positioned than ever for future growth.”
“Although we managed to improve margins during the first half of the year, we still face a number of potential challenges in the second half, in particular wafer costs and wafer quality.” added Dr. Wang. “Despite these challenges I am confident that our improving supply pipeline, declining wafer costs, and higher conversion efficiencies, will strengthen our gross margin from the end of this year and into 2009.
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