China Sunergy cuts gross margin guidance for Q2 2012

Aug 16, 2012 - Solar cell and module maker China Sunergy Co Ltd (NASDAQ:CSUN) on Tuesday lowered its estimate for second-quarter gross margin to a break-even level from the mid-single-digit range forecast previously.

The company said the revision was due to the depreciation of the euro against the US dollar.

China Sunergy at the same time confirmed its expectations for shipments of between 145 MW and 155 MW in the period. The company will report its second-quarter results on August 30.

For the first quarter of 2012, China Sunergy reported a net loss of USD 9.6 million (EUR 7.8m), versus a USD-3.5-million profit a year earlier. Revenues dropped to USD 68.5 million from USD 165.7 million.

(USD 1.0 = EUR 0.814)

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