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Gold/Mining/Energy : Suntech Power Holdings Co.
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To: bob zagorin who wrote (35)11/20/2008 9:26:49 AM
From: Eric  Read Replies (1) of 82
 
Suntech Reports Third Quarter 2008 Financial Results

SAN FRANCISCO and WUXI, China, NOV. 20 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest photovoltaic (PV) module manufacturer, today announced financial results for the third quarter ended September 30, 2008.

Third Quarter Highlights(1)

Third quarter 2008 total net revenues grew 53.7% year over year to $594.4 million. On a consolidated basis, GAAP gross margin increased to 21.6% for the third quarter 2008 compared to 20.7% for the third quarter 2007. Non GAAP(2) gross margin reached 21.8% for the third quarter 2008, compare to 21.4% for the third quarter 2007. GAAP net income for the third quarter was $55.9 million or $0.33 per diluted American Depository Share (ADS). On a non-GAAP basis, Suntech's net income for the third quarter was $60.3 million or $0.35 per diluted ADS. Each ADS represents one ordinary share. Suntech's PV cell production capacity was 750MW at the end of the third quarter 2008. Due to the depreciation of the Euro versus the U.S. dollar combined with the impact of tighter credit markets, Suntech has revised its full year 2008 revenue guidance from a range of $2.05 billion to $2.15 billion to a new expected range of $1.85 billion to $1.87 billion. Suntech has revised its full year 2008 PV product shipment target from 550MW to approximately 490MW.

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