Suntech Power Holdings (NYSE: STP) has posted earnings ahead of expectations. The earnings were $0.35 EPS and revenues rose 76% to $434.5 million; First Call estimates were $0.28 and $378 million. The gross margin increased to 22.2% in Q108 compared to 19.0% for Q107.
The company also sees Q2 revenues of $430 to $440 million, above the $426.62 million consensus.
PV cell production capacity was 540MW at end of the first quarter and it is on track to reach its goal of 1GW PV cell production capacity by 2008 year-end.
Suntech shares are up 6% pre-market at $49.20; its 52-week trading range is $28.19 to $90.00.
Jon C. Ogg
May 22, 2008