Solarfun (SOLF) reported what has probably been one of the most impressive solar earnings reports this earnings season.  Not only did the company properly hedge to avoid currency exchange losses, but they reported record revenues and smashed analyst estimates.  No wonder the stock was up nearly 20% at one point today.

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The non GAAP EPS of .40 was more than double what analysts expected (.19).  Revenues beat as well coming in at $216 million vs the analyst estimate of $192 million.

For good measure, the company is also raising full year shipment guidance from 600 – 650MW and is expanding module capacity from 700MW to 900MW by the end of August.

CEO Peter Xie commented: “We are very pleased with our strong performance in the first quarter of 2010. Quarterly revenues for the first time in the Company’s history exceeded $200 million, and net income per diluted ADS on a non-GAAP basis reached US$0.40, a substantial increase of over 63.9% compared to the fourth quarter of 2009. The strong performance was attributable to our ability to take advantage of favorable industry demand while keeping a keen focus on cost control and risk management.

Despite the big move today, shares of SOLF are still technically a bit unhealthy and trading below the 50 day moving average.  I’d like to see it get above that level and spend some time sideways, holding that support level.