Suntech Power Reports Earnings

Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest manufacturer of crystalline silicon solar panels, today announced financial results for its second fiscal quarter ended June 30, 2010.
Second Quarter 2010 Highlights

-- Total net revenues were $625.1 million in the second quarter of 2010,
representing 6.3% growth sequentially and 94.8% year-over-year

-- Total PV shipments increased 11.9% sequentially and 181.7% year-over-
year

-- Gross profit margin for the core wafer to module business was 20.4% in
the second quarter of 2010

-- Consolidated gross profit margin was 18.2% in the second quarter of
2010

-- GAAP net loss attributable to holders of ordinary shares was $174.9
million, or $0.97 per American Depositary Share (ADS). Each ADS
represents one ordinary share. The non-cash impairment charges and
provisions related to thin film and Shunda had a negative impact of
$1.00 per diluted ADS

-- Achieved 1.4GW of PV cell and module production capacity at the end of
the second quarter of 2010. Suntech announced new capacity expansion to
reach 1.8GW of PV cell and module production capacity by the end of
2010

-- Increased 2010 annual shipment target from 1.3GW to 1.5GW, which
represents over 113% year-over-year shipment growth

"The second quarter was another period of robust multi-market demand," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "Strong operational execution ensured that we achieved our 1.4GW capacity target, which drove higher than expected shipment and net revenue growth."
"We delivered greater shipments to valued customers across Germany and other European markets including Italy, France, Benelux and the Czech Republic. Our investments into our North American expansion continued to bear fruit as we broadened market share and prepared for US-based manufacturing that will commence in the fourth quarter. We also secured supply agreements to several large, high profile projects in emerging markets including Thailand, India and Israel where our globally respected brand, reliable product performance and deep sales channels have provided a solid foundation to form new partnerships."

Labels: Earnings, Solar Stocks, STP, Suntech Power

posted by Ertai at 9:32 AM