For 2010 fourth quarter, total revenue stood at $267.7 million, up 156.9% year-over-year, exceeding the company's guidance of $210 million to $220 million. Gross margin was 28.5%, compared to 16.2% for the fourth quarter of 2009. Net income was $55.8 million, an increase of 41.9% sequentially and 340% year-over-year.
For the quarter, the company's solar product shipments were higher than initially guided, at 162.6 megawatts, representing a 20.6% sequential growth and 65.9% year-over-year growth.Reviewing the company performance, CEO Kangping Chen said in a press statement, "Our successful IPO and follow-on offering significantly increased our brand awareness and helped us increase our market share, while strengthening our balance sheet and improving our bankability. Our dedicated sales and marketing teams, with new sales offices in Munich and San Francisco, established a number of long-term partnerships with leading global solar companies in Europe and North America while also capturing opportunities in fast-growing markets."