In an update of its second-quarter 2009 estimates, China Sunergy said its quarterly solar-cell shipments slightly exceeded its previously announced guidance of 35-40MW. The company also said it expects to return to quarterly profitability in 2Q09, after showing a net loss in the first quarter.
China Sunergy’s gross profit margin is expected to be around 9%, compared with prior guidance of a positive low-single-digit number and a negative 23.7% gross margin experienced in 1Q09.
”During the second quarter China Sunergy met or exceeded the guidance targets we set for ourselves, and I am pleased with the dedicated effort demonstrated by the entire company to achieve these results,” said CEO Allen Wang. ”We have experienced a steady monthly improvement in our operational and financial performance during the quarter, and I am looking forward to discussing our progress and challenges in more detail during the upcoming earnings period.”
The company brought in $37 million in revenues in the first quarter, posting a net loss of $13.2 million. Cell shipments for 1Q09 totaled 23.9MW, 37.2% of which were high-efficiency (>17%) devices.
China Sunergy plans to report its complete second-quarter 2009 results in late August.