WUXI, China ( TheStreet) -- Suntech Power (STP) reported first-quarter results during Thursday's pre-market session that missed Street expectations on earnings per share, but outperformed on revenue estimates.
Suntech earned 11 cents a share, missing Street consensus estimates that ranged from 13 cents to 15 cents, however, a pre-reported foreign exchange loss of over $24 million was the difference between an earnings beat and an earnings miss.
Suntech revenue of $588 was above Street consensus estimates, which ranged from $560 million to $562 million.
Suntech consolidated gross margin was 19.5% in the first quarter, below 23.8% gross margin in the fourth quarter, and below Street estimates. However, Suntech had guided to lower gross margins when it pre-reported a big forex charge earlier in May. The Chinese solar module maker also projected gross margin to be in the high teens for the second quarter 2010.
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