Suntech Power beats by $0.07, beats on revs; guides Q2 revs above consensus

Briefing.com

Posted: 2008-05-22 05:30:00

Reports Q1 (Mar) earnings of $0.35 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.28; revenues rose 76.1% year/year to $434.5 mln vs the $378 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $430-440 mln vs. $426.62 mln consensus. Co reports gross margin increased 22.2% in Q108 compared to 19.0% for Q107. Non-GAAP gross margin reached 22.5% compared with 19.9% for Q107. PV cell production capacity was 540MW at end of Q1. Co is on track to reach 1GW PV cell production capacity by YE08.