Chinese solar company Suntech Power Holdings (NYSE: STP) verified a quarterly loss this week after warning last month that demand and prices for the company’s products were falling.
For 4Q08, Suntech posted a loss of US$65.9 million, or $0.42 cents per American depositary share (ADS), compared with a profit of $50.6 million, or $0.29 cents per ADS a year ago.
Excluding one-time charges but including stock-based compensation, the
company posted a loss of $0.29 cents per ADS, larger than Reuters
Estimates’ forecast for a loss of $0.27 cents.
Revenue rose 4.2% to $414.4 million, according to Suntech figures–in
line with last month’s revised outlook of $405 million to $420 million.
Last month, Suntech raised its fourth-quarter revenue outlook to between $405 million and $420 million. The company also announced a cut 800 jobs, or 8% of its staff, in January.
Shares of Suntech are down nearly 30% since the end of 2008.
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