China Sunergy Co. Ltd. (CSUN) said its third-quarter net income attributable to ordinary shareholders climbed to $7.82 million from $0.21 million a year earlier. Net income per ADS grew significantly to $0.19 from $0.01 in the previous year.
Exluding share-based compensation and the change in the fair value of foreign currency derivatives, non-GAAP net loss for the quarter was US$1.33 million or $0.03 per ADS compared with a profit of $1.98 million or $0.05 per ADS last year.
Total sales for the third quarter dropped to $80.05 million from $119.04 million in the year earlier period. On average, 4 analysts polled by Thomson Reuters expected earnings per share of $0.02 on revenues of $70.30 million for the quarter. Analysts' estimate typically excludes one-time items.
The company currently anticipates strong shipment growth in the fourth quarter, and hence believes that shipments will range from 70 MW to 80 MW in the fourth quarter. Also, the company now expects full-year shipments to be between 190 MW and 200 MW, which is at the high end of its prior announced outlook.
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