UPDATE 1-China Sunergy Q1 handily beats Street

* Q1 earnings per ADS $0.18 vs est $0.10

* Revenue $104.3 mln vs est $91.6 mln

* Sees Q2 solar product shipments 80 MW-90 MW

* Shares rise 9 percent

April 30 (BestGrowthStock) – China Sunergy Co Ltd’s (CSUN.O: )
first-quarter results handily beat market estimates as strong
solar products shipments drove a nearly three-fold rise in
total sales, sending the solar company’s shares up 9 percent.

The company also forecast sequentially higher solar product
shipments in the range of 80 to 90 megawatts (MW) for the
second quarter. Solar power products shipments more than
tripled year-over-year to 74.9 MW in the first quarter.

For the first quarter, China Sunergy reported net income of
$7.1 million, or 18 cents per American depositary share (ADS),
compared with a net loss of $16.0 million, or 40 cents per ADS,
in the year-ago quarter.

Revenues rose to $104.3 million, as sales of solar cell
products rose to $91.7 million.

Analysts on an average expected the company to earn 10
cents a share, on revenue of $91.6 million, according to
Thomson Reuters I/B/E/S.

China Sunergy shares rose to a high of $4.96 in early
morning trade. They later shed some gains and were trading up 4
percent at $4.69 Friday on Nasdaq.

Stock Research

(Reporting by Krishna N. Das in Bangalore; Editing by Anne

UPDATE 1-China Sunergy Q1 handily beats Street