SHANGHAI ( TheStreet) -- Solarfun Power Holdings ( SOLF) reported fourth quarter results in line with street forecasts.

Earnings per share after accounting for a foreign-exchange loss and change in fair value in derivative instruments were estimated at 22 cents by Simmons & Company analyst Burt Chao. The Street consensus for Solarfun earnings was 24 cents per share.

Solarfun's revenues of $183.5 million were $1 million below the street consensus of $184.5 million.

The in-line performance from Solarfun was not as eye-popping as some of the extensive outperformance in fourth-quarter numbers from other Chinese solar companies, including Suntech Power's ( SOLF) fourth-quarter earnings reported on Thursday.

What's more, while some Chinese solar companies had record gross margins in the fourth quarter -- in addition to beating on earnings per share and revenues -- Solarfun's gross margin level actually decreased in the fourth quarter, 18.8% in the fourth quarter versus 20.7% in the previous quarter.

Simmons & Company's Chao, however, had estimated gross margins of 14.5%, well below Solarfun's reported level.

Expenses as a percentage of total revenue increased to 8.8%, up from. 7.6% in the previous quarter.

Solarfun raised its shipment guidance by 100 megawatts (MW), to 600 MW in 2010. Solarfun expects shipments to be in the range of 130 MW to 140 MW in the first quarter.

Solarfun's average sales price dropped to $1.95 in the fourth quarter, and in line with solar peers, estimated that average sales price will decline by 10% in the first quarter of 2010. Many of Solarfun's peers have not provided a hard average sales price number in the fourth quarter, instead providing only a percentage decline figure for average sales price.

Solarfun reported increased geographic diversification in the fourth quarter. Notably, Solarfun shipped 57% of revenue to Germany, down from 60% in the third quarter and 83% in the second quarter. Shipments to the Czech Republic accounted for 12% of revenues in the fourth quarter.

China accounted for 11% of shipments in the fourth quarter, a big gain over 1% in the third quarter. Australia, Korea and France accounted for 17% fourth quarter shipments.

-- Written by Eric Rosenbaum in New York

RELATED STORIES:




Follow TheStreet.com on Twitter and become a fan on Facebook.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

More from Stocks

Danica Patrick's Final Race at 2018 Indianapolis 500: What She Thinks About Cars

Danica Patrick's Final Race at 2018 Indianapolis 500: What She Thinks About Cars

Why The FANG Stocks' Dominance May Not Be So Bad For The Market

Why The FANG Stocks' Dominance May Not Be So Bad For The Market

At End of May, Investors Signalling They May Stay Away

At End of May, Investors Signalling They May Stay Away

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever