China Sunenergy (CSUN) Posts Solid Q4, FY2010 Results

By @ibtimes on

China Sunenergy, a specialized solar cell and module manufacturer, announced its financial results for the fourth quarter and full year 2010, reflecting the company’s transition to in-house module manufacturing following the acquisitions of CEEG (Shanghai) Solar Science & Technology Co., Ltd and CEEG (Nanjing) New Energy Co., Ltd.

Revenue for fourth quarter was $169.6 million, a 73.8 percent increase over the fourth quarter of 2009. Gross profit was $27.1 million, a 160.6 percent increase over the comparable quarter of 2009. Gross margin was 16.0 percent, compared to the company’s previous guidance of 15 percent. Net income was $15.4 million, or $0.38 per basic ADS and $0.37 on diluted basis, compared to net income of $15.4 million, or a net loss of $0.09 per ADS on both basic and diluted basis in the fourth quarter of 2009.

Total net revenue for full-year 2010 was $517.2 million, an 81.5 percent increase from 2009. Gross profit for 2010 was $92.3 million, a 456.0 percent increase from 2009; gross margin was 17.8 percent for the whole year. Net income for the full year was $51.7 million, or $1.29 on basic basis and $1.26 on diluted basis, compared to the net loss of $10.3 million, or $0.26 per ADS on both basic and diluted basis in 2009.

As of December 31, 2010, the company had cash and cash equivalents of S$106.5 million.

“We are pleased with our solid results in the fourth quarter and 2010 on the whole as we experienced operational and financial progress, and achieved record shipment, revenue, gross profit and net income. Our strategic shift to in-house module manufacturing, following the acquisitions of CEEG (Shanghai) Solar Science & Technology Co., Ltd and CEEG (Nanjing) New Energy Co., Ltd., has already had a positive impact, as demonstrated by the continued momentum we saw through the fourth quarter that helped us end the year with solid results,” Stephen Zhifang Cai, CEO of China Sunergy stated in the press release.

Cai also said that anticipated growth in the PV market and demand in emerging markets leverages the company’s expectations for progress and improvement.

For more information please visit www.chinasunergy.com

Join the Discussion