China Sunergy's margin to miss target on weak euro
Aug 14 (Reuters) - China Sunergy Co Ltd, a maker of solar cell and panels, estimated that overall gross margin for the second quarter would break even, compared with its forecast of five percent, due to a fall in the euro.
Average selling price and revenue from euro-denominated sales during the quarter were less than the company's expectations, China Sunergy said.
The euro fell 5.2 percent against the dollar during the second quarter.
Europe accounted for 72 percent of the company's net revenue of $566.3 million last year.
China Sunergy maintained its forecast for solar product shipments of between 145 megawatt (MW) to 155 MW during the second quarter. It will report its quarterly results on Aug. 30.
The company's shares, which have risen 54 percent this year, closed at $1.72 on Monday on the Nasdaq.
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