China Sunergy Reports Better-that-expected Results
REUTERS - Solar cell products maker China Sunergy Co Ltd (CSUN.O) reported better-than-expected quarterly results, helped by a rise in shipments, and said it expects shipment growth to remain strong in the third quarter, sending its shares up 9 percent.
The company expects third-quarter shipments between 48 and 55 megawatts (MW). However, China Sunergy said the credit environment for solar products had not recovered at the rate it previously anticipated.
China Sunergy, like others in the solar space, has been hit hard by a dearth of financing for renewable energy projects and a global oversupply of solar panels that has sent prices on solar power products tumbling, eroding profits.
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