China Sunergy Beats Earnings Estimates (CSUN)

China Sunergy Co., Ltd.

on Monday morning released financial results that beat Wall Street earnings expectations, while just missing revenue estimates. China Sunergy Co., Ltd reported that its 3rd quarter net income rose to $15.4 million, or 37 cents per share, up from $7.7 million, or 19 cents per share, a year earlier. The company's revenues climbed 57.1% to $125.76 million, up from $80.05 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 20 cents per share, on revenue of $126.01 million. CEO Stephen Zhifang Cai said, "Supported by continued strong solar market fundamentals, we are pleased with our solid results in the third quarter as we experienced operational and financial progress, and achieved record shipments, revenues and gross margin in the quarter," said Mr. Stephen Zhifang Cai. "Two weeks ago, China Sunergy successfully completed the acquisition of the two module manufacturers, demonstrating China Sunergy's significant strategic move to be a fully vertically-integrated manufacturer. The two companies' constant focus on product quality, efforts to strengthen sales and market capabilities, and concentration on massive end-users, enables them to maintain a diversified sales channel as well as a pricing premium in certain markets. Additionally, we continue to see healthy demand in the fourth quarter and beyond, and believe China Sunergy will continue its improvement in 2011." China Sunergy Co., Ltd. (

) ended the previous trading session at $4.59 per share. Analysts covering the company's stock have a consensus price target of $6.13 per share. Read more