China Sunergy 4th-Quarter Loss Widens

China Sunergy Co.'s (CSUN) fourth-quarter loss widened as the solar cell and module maker's shipments fell short of its forecast and revenue slipped significantly. The company predicted in November it would show a loss. China Sunergy said it expects oversupply in the global solar market to persist through the new year, but added that selective markets such as China and Japan are improving, so it continues to target opportunities in those areas. For the new year, the company expects shipments of 550 megawatts to 600 megawatts, including 100 megawatts to 110 megawatts in the first quarter. Weakened demand in key European markets and oversupply continue to nag at the solar products industry. China Sunergy had previously cautioned it expected those challenges to persist "at least" through the first half of 2012. But the company later said it believed weak market demand and industry oversupply would continue for the second half. China Sunergy reported a loss of $70.5 million, or $5.27 an American depositary share, versus a year-ago loss of $49.6 million, or $3.71 an ADS. Excluding inventory write-downs, bad debt provisions and other items, the loss was $3.23 an ADS, compared with a loss of $3.85 a year earlier. Total sales slumped 51% to $54.4 million, though input costs were also down, dropping 49% to $56.4 million. The average selling price per watt for solar modules fell 9.9% from the prior quarter to 64 cents per watt. Shipments for the quarter were 78.4 megawatts. China Sunergy had expected shipments of 90 megawatts to 100 megawatts. American depositary shares of China Sunergy closed Thursday at $1.44 and were inactive premarket. The stock has fallen 16% over the past three months.