China Sunergy (CSUN) Reports Adjusted Loss, But Sees Strong Shipment Growth Q4

Posted by Tate Dwinnell | # |
11:06:30 am on November 18, 2009

China Sunergy (CSUN) posted a big gain for the 3rd quarter, but all of that was in currency fluctuation gains.  On an adjusted basis the company actually reported a loss of .03/share  vs the analyst estimate of a .02/share gain.  Revenues came in above analyst estimates at $80 million, but that was 33% lower than the year ago quarter.  The stock is likely rallying on the company forecast for next quarter which calls for strong shipment growth.  The company sees Q4 shipments in the range of 70 – 80MW and full year 09 shipments at 190 – 200 MW.

Shares of CSUN are about 7% today and continue to move above the 50 day moving average to carve out a new base.

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