Shares of China Sunergy Co. Ltd. (NASDAQ: CSUN), designer, developer, manufacturer and seller of solar cells and solar modules, are gaining in trading today.
At last check, CSUN shares were trading 6.30% higher at $1.52 on above average volume of 101,294.
China Sunergy last month released its first-quarter financial results. The company posted first-quarter revenue of $68.5 million, representing an increase of 38.2% over the previous quarter.
CSUN’s shipments totaled 79.9 MW in the first quarter, down 31.6% on a sequential basis. Average selling price for CSUN’s solar modules was $0.86 in the first quarter, which was 2.4% higher than company’s forecast, but 8.5% lower than the fourth quarter of 2011.
CSUN’s gross profit for the quarter was $0.7 million. Gross margin for the quarter was 1.1%, in-line with CSUB’s guidance.
Net loss for the first quarter was $9.6 million.