Suntech Power Holdings Earnings (STP)

Suntech Power Holdings (NYSE:STP) released today the 3rd Quarter Earnings.

Gapped lower and is now trading -31% below it's close yesterday.

* Lowers full-year revenue outlook on falling euro
* Q3 rev up 53.7 pct at $594.4 million
* Net income $55.9 mln, or $0.33 per ADS, misses Wall St

NEW YORK, Nov 20 (Reuters) - China's Suntech Power Holdings Co (nyse: STP - news - people ), the world's largest solar module maker, reported lower-than-expected quarterly profit and cut its full-year sales forecast because of the weak global economy, sending its shares tumbling by more than 30 percent to an all-time low.

Still, the company's sales for the third quarter jumped by more than 50 percent as demand for the clean energy systems continued to grow.

"The problem here is the banks. The customer wants more modules, but they have to have liquidity," Chairman and Chief Executive Dr. Zhengrong Shi told an analysts conference call. "We have to separate the market demand and the financial (situation)."

Third-quarter net income rose to 55.9 million, or 33 cents per American Depositary Share, from $53.3 million, or 32 cents a share, a year earlier, and well below the 42 cents per share analysts had on average expected, according to Reuters Estimates.

Forbes Source

STP chart:

Labels: Earnings, solarstocks, STP, Suntech Power

posted by Ertai at 2:11 PM