Suntech Power (STP) issued preliminary Q1 results this morning and sees revenues in the range of $580 – $590 vs the Street estimate of $542 million.  Gross margin estimates remain about the same at about 19 – 20%.

The company expects a hit on the Euro plunge of about $23 million give or take a couple mill and plan to hedge more this quarter to cover Euro exposure. 

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CEO Zhengrong Shi commented: “We are pleased to see extremely strong demand in the first quarter of 2010. With robust demand in incumbent solar markets and rapid growth in a host of emerging markets, we expect this environment to continue deep into 2010.”

Suntech will report official earnings results on June 3rd.

Shares up about 12% this morning, recovering after taking a beating last week. While the $10 level could be established as a new area of support, the stock is now technically quite weak with new resistance in the $12 – 12.50 range.