Solarfun Q1 profit top market estimates
Wed May 21, 2008 7:50am EDT
May 21 (Reuters) - Photovoltaic cell maker Solarfun Power Holdings Co Ltd's (SOLF.O: Quote, Profile, Research) quarterly profit handsomely beat Wall Street's targets, bolstered by higher average selling price and a strong euro, sending its shares up as much as 11 percent in pre-market trade.
For the first quarter, the company posted net income of $15.3 million, or 32 cents per American depositary share (ADS).
Revenue was $171 million, with Spain and Germany combined chipping in 80 percent of revenue.
Analysts were looking for earnings of 16 cents a share, before special items, on revenue of $136.45 million, according to Reuters Estimates.
Average selling price was strong at $4.07 and was higher than $3.85 in the fourth quarter, the company said.
The company did not provide earnings figures for the year-ago period in U.S. dollars.
Solarfun also estimated 2008 shipments of photo voltaic modules in the range of 160 to 180 megawatts. It had previously expected shipments of 160 megawatts.
For the second quarter, the company set its average selling price at about $4.00, based on current contracted pricing, but said the continuing fall in the value of euro could impact its price assumption.
The company expects its 120 megawatt cell capacity expansion at its Qidong facility to be completed in the early part of the third quarter.
Shares of the Qidong, China-based company which closed at $25.24 Tuesday, were trading at $28.06 in pre-market trade on the Nasdaq. (Reporting by Shradhha Sharma in Bangalore, Editing by Anil D'Silva) |
