Suntech Power (STP) Reports Large Loss, Beats Revenue Estimates

Suntech Power (STP) reported a large loss of .27/share last quarter which matched estimates but beat revenue expectations with $414 million in revenue, a small bump up from the year ago quarter. 

“We believe that we are now in a position to service all avenues of solar demand globally, including residential roof-top, commercial roof-top, ground mounted and utility scale. In particular, our continued investment in the U.S.should position us for strong growth in that key market and its burgeoning utility-scale segment via our systems integration unit, Suntech Energy Solutions, and our project development joint venture, Gemini Solar,” said the CEO.

The company expects revenues for the first quarter 2009 to be in the range of $340 – 380, which would be a significant decrease from the year ago quarter.  It expects to ship more than 800MW in 2009 and intends to hold PV cell production capacity at 1GW this year until credit market visibility improves.

Shares are trading relatively flat in premarket trading.

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