Solarfun (SOLF) has reported earnings results this morning that beat analyst estimates, but the stock is being pressured on news the company will raise funds in a follow on offering and will look to sell nearly $70 million in shares.

The company reported a non GAAP EPS of .69/share vs the analyst estimate of .49/share on revenues of $327 million vs the analyst estimate of $287 million.  That’s another quarter of huge growth with quarter over quarter EPS growth of 283% and revenue growth of 126%.

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Peter Xie, President of Solarfun, commented, “We are pleased with the results we achieved in the third quarter, particularly our record shipments and revenues as well as our increased gross margin, operating cost control and continued strong return on equity. In the first nine months of 2010, we have achieved non-GAAP earnings per basic ADS of US$1.70. We continue to see healthy market demand in the fourth quarter and beyond, and with increased scale and further vertical integration in 2011, we believe we will continue to be well-positioned for further profitable growth”

Looking ahead the company expects Q4 shipments of 205 – 215MW and for the full year is raising shipment guidance from 750 – 785MW.