In March, that China Sunergy was acquiring 2 module manufacturers, CEEG (Shanghai) Solar Science & Technology Co., Ltd and CEEG (Nan Jing) New Energy Co. Now, the company has announced that it is renegotiating that acquisition in light of concerns about their recent performance.
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In a press release, Mr. Lu Tingxiu, Chairman of China Sunergy, commented on the news:
“The renegotiation reflects China Sunergy’s dedication … Read the rest
China Sunergy (CSUN) is up about 10% this morning, adding to yesterday’s strong move above resistance. The company beat analyst estimates by a wide margin and got back in the black by reporting a non GAAP EPS of .16/share on revenues of $104.3 million. I’ll have to check on this when I have more time, but I believe that’s a record quarterly profit number for CSUN. Analysts expected just .10/share on revenues of $91.55. In … Read the rest
China Sunergy just announced the purchase of 2 solar module manufacturers, CEEG (Shanghai) Solar Science & Technology Co., Ltd and CEEG (Nan Jing) New Energy Co., Ltd, for a total price of approximately $47 million. The company is funding the transaction on its own, and will pay for the acquisitions in a series of installments.
CEEG (Shanghai) Solar Science & Technology produces 150 MW per year and is increasing capacity to 300MW by the middle … Read the rest
China Sunergy (CSUN) is once again showing why its a 2nd rate China solar company after reporting its second straight quarterly loss, reported an adjusted loss of .08/share which was inline with analyst estimates. Revenues came in a bit higher than expected at $97.6 million. The revenue growth was there with a 126% surge over the year ago quarter and a 20% sequential improvement, but the company just can’t generate any consistency with its … Read the rest
According to StreetInsider.com, Jefferies is out with several solar upgrades following the two week plunge.
SunPower (SPWRA) upgraded from Hold to Buy, but price target lowered from $30 to $29. Shares are up 2.5% to $21.75 this morning. Shares are up about 3% in premarket trading.
Suntech (STP) upgraded from Underperform to Hold with a $12 target. Shares are basically flat in premarket trading.
Solarfun (SOLF) upgraded from Underperform to Hold with a $7 … Read the rest
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 … Read the rest
China Sunergy just announced that it has signed a solar products framework agreement with Opsun, a Canadian company that makes solar panels, mounting systems and solar concentrators. Under the agreement, China Sunergy will deliver 100 MW of solar cells and modules to Opsun between 2009 and 2014.
Opsun will use China Sunergy’s technology in its own PV Panel, Structural PV modules and 3X Concentrated modules, and China Sunergy will modify its existing technology for Opsun … Read the rest
China Sunergy just announced a new sales contract with NUE PTY Ltd, aka “NU Energy,” an Australian PV firm. Under the contracts, China Sunergy expects to ship Nu Energy 10MW of monocrystalline solar modules by early 2010. Shipments started in June of this year, and an ongoing sales relationship between the two companies is expected.
In a company press release, executives from both companies commented on the contracts:
“Australia represents another new market for … Read the rest
A surprisingly good quarter out of China Sunergy (CSUN) this morning. The company swung back to a profit in the quarter, posting .03/share excluding one time items on revenues of $70.1 million. Analysts were expecting .01/share and $60.79 million respectively. It looks like the company is finally getting its costs under control which it had been unable to do in the past 2 quarters.
Commented the CEO, “After two quarters of unfavorable economic conditions, we … Read the rest
I mentioned the upgrades in the post before. Now for the downgrades. Jefferies is out this morning cutting the entire sector and downgrading several solar companies due to the same concerns we’ve heard for many months… oversupply and lack of demand.
First Solar (FSLR) cut to Hold from Buy
SunPower (SPWRA) cut to Hold from Buy
Suntech Power (STP) cut to Underperform from Hold
Ascent Solar (ASTI) cut to Underperform from Hold
China Sunergy (CSUN) … Read the rest