China Sunergy (CSUN) has announced its financial results for the second quarter of 2014. During the quarter, it shipped 31.6% more solar modules compared to 1Q14, creating a 41.0% revenue increase. Europe and Asia are the company’s main export markets and it estimated a yearly shipment of 750-800 MW. The full year’s financial results is expected to be announced in April 2015.
"Since my return in September 2014, we have taken many steps to improve operations, including the appointment of our new auditor in December, which initially required additional time to complete our quarterly financial reporting,” saidMr. Tingxiu Lu, Chairman and CEO of China Sunergy.
Second Quarter 2014 Financial Highlights
- Total revenue was US$88.5 million, an increase of 41.0% from US$62.7 million in the first quarter of 2014. Self-branded revenue totaled US$80.8 million and OEM revenue was US$6.4 million.
- Shipments totaled 184.5MW, an increase of 31.6% (44.3MW) from 140.2MW in the first quarter of 2014. Module shipments, including module processed under OEM arrangement of 27.0MW, were 135.6MW. Cell shipments, including cell processed under OEM arrangements of 21.2MW, were 48.9MW.
- Average selling price ("ASP") for the Company's solar modules, excluding those processed under OEM arrangements, was US$0.66 per watt, unchanged from that of the previous quarter.
- Gross profit was US$5.5 million on gross margin of 6.2%, compared with US$2.3 million on gross margin of 3.7% in the first quarter of 2014. Non-GAAP gross profit was US$7.2 million, and non-GAAP gross margin was 8.1%.
- Net loss attributable to ordinary shareholders was US$5.7 million, an improvement from US$14.7 million in the first quarter of 2014. Non-GAAP net loss attributable to ordinary shareholders was US$0.8 million.
- Net loss attributable to ordinary shareholders per ADS was US$0.39, an improvement from US$0.99 in the first quarter of 2014. Non-GAAP net loss attributable to ordinary shareholders per ADS was US$0.05.
- Cash, cash equivalents and restricted cash totaled US$232.7 million, as of June 30, 2014.
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