Suntech Announces Preliminary Results

Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's largest crystalline silicon photovoltaic (PV) module manufacturers, today announced preliminary financial results for the first quarter of 2010.
Suntech expects total net revenues for the first quarter of 2010 to be in the range of $580 million to $590 million. Gross margin is expected to be in the range of 19% to 20%, compared to previous guidance of 18% to 20%.
As a result of the depreciation of the Euro versus the USD, Suntech expects to incur a foreign exchange loss of approximately $24 million to $25 million for the first quarter of 2010. This is expected to be partially off-set by a net gain of approximately $2 million to $3 million from hedging activities.
Dr. Zhengrong Shi, Suntech's Chairman and CEO said, "We are pleased to see extremely strong demand in the first quarter of 2010. With robust demand in incumbent solar markets and rapid growth in a host of emerging markets, we expect this environment to continue deep into 2010."

Source:prnewswire.com

Most Solar Stocks are moving up between 5% and 10% in the Pre-Market. With the massive rally in the European Markets, this should be an interesting day.

Labels: Earnings, Solar Stocks, STP, Suntech Power

posted by Ertai at 9:17 AM