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UPDATE: China Sunergy Extends Losses, Down 10% on Q4 Solar Production Shipments Miss
By: MT Newswires
China Sunergy ( CSUN ) extended losses to trade near its lowest levels of the day, down 9.7% to $1.30, after reporting its solar product shipments in Q4 were 79MW, compared to the previous guidance of 90MW to 100MW.
The company said it did not reach shipment estimates as some shipments have been delayed to January 2013.
The company expects its overall gross margin in the quarter to slip 3% - 4%, compared to previous guidance of low-single-digit level. This was due to a non-cash charge of inventory provision and the decreased average selling prices.
CSUN trades within a 52-week range of $1.03 - $2.45.