China Sunergy 2Q Profit Falls 43 Pct, Beats Street

NEW YORK (AP) — Solar-cell maker China Sunergy Co. Ltd. on Thursday said its second-quarter profit fell 43 percent but stronger shipments pushed results beyond analyst expectations. The China-based company held to its previous shipment outlook.

Quarterly earnings fell to $1.7 million, or 4 cents per share, compared with $3.1 million, or 8 cents per share during the same period last year. Excluding special items, adjusted earnings amounted to 3 cents per share.

In a survey by Thomson Reuters analysts predicted an average profit of 1 cent per share. Analysts typically exclude nonrecurring items.

Revenue slid 37 percent to $70.1 million, down from $111.6 million in the prior-year period. Analysts expected revenue of $60.8 million, on average.

Second quarter shipments amounted to about 41.5 megawatts, a 19 percent boost from prior-year levels. China Sunergy attributed the growth to aggressive pricing, working in a more integrated fashion with existing clients and expansion into new markets.

The company maintained its full-year shipment outlook of between 150 megawatts and 200 megawatts. However, due to the constrained credit environment, it expects shipments in the lower end of that range.

Shares of the company rose 25 cents, or 5.6 percent, to $4.69 in morning trading.