UPDATE: China Sunergy Reports Weaker-Than-Expected Q1 Results

China Sunergy Co Ltd CSUN posted weaker-than-expected Q1 results on Monday. China Sunergy reported its quarterly net income at $3.5 million or, $0.09 per American depository share (ADS), down from $7.1 million, or $0.18 per ADS. Its revenue jumped 59% to $165.7 million. However, analysts were expecting a profit of $0.12 per ADS on revenue of 191.8 million. China Sunergy projects gross margin of 7.5%-8.5% for the current quarter, versus 10.7% in the first quarter. It projects Q2 shipments to sequentially increase to 120-130 megawatts (MW) from 98 MW. China Sunergy shares dropped 0.68% to close at $2.90 on Friday. Read more from Benzinga's Company news.