China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced updated guidance for the second quarter ended June 30, 2012 and said that it would report its financial results for the second quarter ended June 30, 2012 on Thursday, August 30, 2012, before the market opens in the United States.
China Sunergy reiterates its solar product shipments in the second quarter of 2012 to be between 145 and 155MW, and expects its overall gross margin in the second quarter of 2012 to be at breakeven level, compared to previous guidance of mid-single-digit level.
The lowered gross margin was mainly due to Euro depreciation against the US dollars during the period. As a result, the average selling price and revenue recognized for sales dominated in Euro were less than the Company's expectation after translation into US dollars.
Mr. Stephen Cai, the Chief Executive Officer of China Sunergy, commented, "Our shipments were on track and within expectations for this period, although our revenues and ASP tell a different story. Currency fluctuations had a dramatic influence on gross margins, which otherwise would have fallen within expectations. On August 30, we will elaborate further on our business progress and prospects, which we believe to be promising."
China Sunergy's management will host an earnings conference call on Thursday, August 30, 2012 at 8:00 a.m. Eastern Time (Thursday, August 30, 2012 at 8:00 p.m. Beijing/Hong Kong time). The management team will be on the call to discuss financial highlights of the second quarter in 2012, provide business outlook and answer questions.
To access the conference call, please dial:
|United States toll-free:||+1 866 519 4004|
|International:||+ 65 6723 9381|
|China:||800 819 0121 (Domestic) /400 620 8038 (Domestic Mobile)|
|Hong Kong:||+852 2475 0994|
Please ask to be connected to Q2 2012 China Sunergy Co., Ltd. Earnings Conference Call and provide the following passcode: 16251555.
China Sunergy will also broadcast a live audio webcast of the conference call. The broadcast will be available for 7 days by visiting the "Investor Relations" section of the company's web site at http://www.chinasunergy.com
Following the earnings conference call, an archive of the call will be available by dialing:
|United States toll-free:||+1 866 214 5335|
|International:||+61 2 8235 5000|
The passcode for replay participants is: 16251555. The telephone replay also will be archived on the "Investor Relations" section of the company's website for seven days following the earnings announcement.
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilize crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators, and solar power systems for use in various markets. For more information, please visit our website at http://www.chinasunergy.com.
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China Sunergy Co., Ltd.