China Sunergy (CSUN) is out with some positive comments about the most recent quarter, saying that solar cell shipments have slightly exceeded the previously announced guidance of 35 – 40MW and gross margins are expected to be closer to 9% rather than the low single digits. They also expect a return to profitability.
Said CEO Dr. Allen Wang, ”We have experienced a steady monthly improvement in our operational and financial performance during the quarter.”
The … Read the rest
China Sunergy just scored a 53 MW sales framework agreement and a 3 MW sales contract with Italian solar module manufacturer Renergies Italia. The 53 MW sales framework agreement covers 6 years, but the agreement is not legally binding to either China Sunergy or Renergies Italia-the two companies will negotiate separate contracts that may total 53 MW over the next 6 years. The first 3 MW sales contract has already been signed, and China Sunergy … Read the rest
The theme that we’ve seen for several months now continues for the most part.. solar company reports steep loss and plunging revenues, but the stock holds up or even rises as is the case with China Sunergy (CSUN) today. The company reported a steeper than expected loss of .33/share (vs expectations of a .26) on revenues of just $37 million which is a more than 50% plunge from the year ago quarter. However, traders are … Read the rest
Solar stocks continue their ambiguous ways with many stocks in the industry rising after reporting poor results, while others (such as ENER) get crushed. However, for the most part, it appears that most of the bad news is priced into solar stocks and the situation with ENER was an exception. The market is overbought up here, but on any significant pull back I think the time to get into solars for the long term is … Read the rest
China Sunergy (CSUN) has announced a new contract with an unnamed US PV firm to produce multi-silicon solar cells. CSUN will buy silicon wafers from the US firm and in turn sell back solar cells. The bilateral agreement is expected to begin in April.
Said CEO Wang, “The securing of this year-long agreement with our U.S. partner, especially during a period of instability within the solar sector, demonstrates that China Sunergy is able to execute … Read the rest
Are the tides turning for the solar industry? After months of doom and gloom forecasts, downgrades and price target cuts some upgrades and positive notes are beginning to slowly trickle in from analysts. Ah oh, time to sell!
Barron’s reported today that Merrill Lynch came out with a report today saying that improving second derivative trends suggest the industry is headed for a cyclical bottom. They went on to say that while demand won’t recover … Read the rest
China Sunergy just announced a one-year agreement to supply India-based Ajit Solar with 2MW of multi-crystalline solar cells. Under the terms of the agreement, China Sunergy will deliver the solar cells in 2 installments, with a 5 MW delivery expected in the 1st half of the year and 7 MW expected in the second half.
China Sunergy’s CEO, Dr Allen Wang, commented on the agreement:
… Read the rest"Our partnership with Ajit Solar marks a significant step for
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 … Read the rest
China Sunergy (CSUN) has announced a 7 year sales agreement to supply Wuxi Guofei Green Energy of China with 10 MW of moncrystalline cells each year beginning in 09 with CSUN receiving an advance payment after the signing of the agreement.
“This represents a significant domestic sales agreement for China Sunergy and secures a long-term demand for our monocrystalline cells,” remarked Dr. Ruennsheng Allen Wang, Director and CEO of China Sunergy. “The payment terms of … Read the rest
… Read the restMSN Money reports that on Thursday, Robert W. Stone, an analyst from Cowen and Co, released a report providing an upbeat analysis for solar energy stocks. Assuming a investment tax credit in the US for solar power, as well increased participation from utilities and the states, demand for solar should climb from 6 gigawatts in 2008 to 14 gigawatts in 2010. He also expects use of solar power to grow in Italy and France, and