Suntech Power Reports Mixed Results, Adjusts Shipment Expectations (STP)

Thu. August 20, 2009; Posted: 07:23 AM

Aug 20, 2009 (SmarTrend(R) News Watch via COMTEX) -- STP | Quote | Chart | News | PowerRating -- 8/20/2009-Suntech Power (NYSE:STP) reported Q2 EPS of 6 cents, topping consensus estimates of 2 cents. Revenues in the quarter fell 33% year-over-year to $321.0 million, and came in short of consensus estimates of $343.1 million. The company offered this forward looking statement, "Suntech expects third quarter 2009 shipments to be more than 50% above the second quarter 2009. Gross margin in the third quarter of 2009 is expected to be relatively flat compared to the second quarter of 2009.... Suntech expects shipments in the fourth quarter of 2009 to be slightly lower than the third quarter of 2009 due to seasonality. As a result, Suntech has revised full-year 2009 shipment expectations to approximately 600MW. Suntech intends to hold PV cell production capacity at 1GW in 2009 until demand visibility improves. Suntech expects capital expenditures to be in the range of $100 million to $120 million in 2009."

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Suntech Power Holdings Co Ltd (STP) click here. Suntech Power Holdings Co Ltd (STP) has Short Term PowerRatings of 4. Details on Suntech Power Holdings Co Ltd (STP) Short Term PowerRatings is available at This Link.

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