Suntech Power (STP) Crushes Estimates On Record Shipments

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08:42:10 am on March 4, 2010

Suntech Power (STP) has absolutely crushed analyst estimates this morning reporting an EPS of .27/share (vs estimates of .11/share) on revenues of $583.6 million (vs estimates of $468).  That’s a complete 180 from the year ago quarter when the company posted a .27/share loss.  Revenues have now improved sequentially three straight quarters.

Some highlights of comments from the CEO:

– highest quarterly shipment volume in history, continues to expand market share
– cost cutting measures improved margins significantly
– doubled shipments to the US
– to expand production capacity to 1.4GW in 2010

The company expects shipments to increase by 5 – 10% next quarter with gross margins easing up a bit to 18 – 20%.  They target shipments of 1.25GW for the full year.

Shares of STP are up about 6% in premarket trading but will still remain below key resistance levels of the 50 and 200 day moving averages.

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