China Sunergy Sees Increase in Q3 Revenues
China Sunergy reports $80.1M third-quarter revenues and achieves upper range of guidance with 54.4 MW in shipments.
Staff -- PV Society, 11/18/2009
Solar cell manufacturer China Sunergy Co. Ltd. (Nanjing, China) reported $80.1M in third-quarter revenues, a 14.3% rise over the second quarter of 2009. Revenues generated from solar cell sales were $68.5M, representing a 25.7% increase. Shipments in the third quarter rose even more significantly to ~54.4 MW, representing a 31.1% increase sequentially and a 59.5% increase on a year-over-year basis.
China Sunergy made note of some significant milestones in the third quarter, including reaching its target conversion efficiency of >19% for its monocrystalline P-type solar cells. The Fraunhofer Institute for Solar Energy Systems (ISE, Freiburg, Germany) tested the company's cells at 19.04% efficiency. The company also mentioned significant new contracts with Nu Energy Pty. Ltd. (Victoria, Australia) totaling 10 MW of OEM modules; and a new framework agreement with Opsun Technologies Inc. (Saint-Augustin, Canada).
"We have effectively implemented strategies to benefit from the improved market for our solar products, primarily by building demand channels among new clients and within existing relationships," said Allen Wang, China Sunergy's CEO. "As a result, we have achieved the upper range of our previously released shipment guidance for the quarter, and an improvement in our gross margin."
Although Wang noted that long-term demand remains uncertain, the company anticipates strong shipment growth in the fourth quarter, expecting 70-80 MW to be shipped. Given an improved demand environment being seen through the end of the year, the company now expects that full-year shipments will be 190-200 MW, which is at the high end of its previously announced guidance.
