Suntech Power Holdings Ltd. (STP) Reports First Quarter Earnings and Revenues ahead of Estimates
Suntech Power Holdings Ltd. (STP), a manufacturer of photovoltaic solar cells and panels for power generation in China, reported first quarter non-GAAP net income of $60.6 million, or 35 cents per diluted American Depositary Receipt, well above analysts’ consensus estimate of 27 cents and an increase of 85% year over year. Net revenues of $434.5 million were 15% higher than expected and 76% above last year’s sales. "We executed extremely well during the first quarter, despite the impact of the snowstorm, to deliver stronger than expected growth in net revenues and solid financial results," said Dr. Zhengrong Shi, Suntech's Chairman…