China Sunergy (CSUN) Smashes EPS Estimate

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04:00:45 pm on November 15, 2010

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 the analyst estimate.  That’s good for quarter over quarter growth of 95% and 57% respectively.

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“Supported by continued strong solar market fundamentals, we are pleased with our solid results in the third quarter as we experienced operational 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 to grow in the coming quarters and sees resilient ASP as well.  For the 4th quarter, they predict shipments coming in at 102 – 108MW and gross margins in the range of 15 – 16.5%.  They expect shipments in the range of 350 – 359MW for the full year 2010.

Shares of CSUN were modestly higher today and continue to look fairly bullish on the daily chart.  A breakout above the $5 level would be considerably bullish for shares of CSUN.

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