China Sunergy (CSUN) Reports 3rd Quarter Results

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10:25:56 am on November 25, 2008

China Sunergy reported its 3rd quarter results today. Compared to the third quarter of last year, the company has grown significantly. This year, revenues for the 3rd quarter are up 142.9% compared to the third quarter of last year, increasing to $119 million. This was also a 6.6% increase compared to the 2nd quarter of 2008.

Non-GAAP net income also increased compared to the 3rd quarter of last year, rising from a loss of $4.3 million or .10 per ADS in 2007 to a net gain of $2.0 million or .05 per ADS in the 3rd quarter of 2008.

China Sunergy’s CEO, Dr. Allen Wang, made the following comments about the results:

"Despite experiencing a deteriorating market environment towards the end of the quarter, which resulted in some canceled orders, I am pleased that we were able to achieve our guidance for the quarter regarding margins and production volume. We have maintained our focus on execution through the signing of an important sales agreement and procuring high-quality silicon supplies at flexible and favorable prices, which will benefit the long term health of our Company despite the short-term impact of operating within an extremely challenging and uncertain solar sector."

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