Suntech Books Profit, Sees Shipments Rise
SAN FRANCISCO (
) -- Solar company
Suntech Power
(STP)
swung to a profit in the fourth quarter as revenue rose and gross profit margins increased.
Suntech said it earned $49.9 million, or 27 cents a share, in the quarter vs. a loss of $109.1 million, or 69 cents a share, a year earlier. Revenue rose to $583.6 million from $414.4 million.
Suntech said gross profit margin for the core wafer to module business was 26.3% in the fourth quarter, up from 20% in the sequential third quarter. Consolidated gross profit margin was 23.8% vs. 17.8% in the third quarter.
Total shipments of solar products in full-year 2009 increased 42% year over year, Suntech said.
Suntech expects first-quarter shipments to increase by 5% to 10% from the fourth quarter, while consolidated gross margin is expected to be in the range of 18% to 20%.
Suntech said it targets to ship more than 1.25GW of photovoltaic products in 2010.
-- Reported by Joseph Woelfel in New York.
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