Suntech Power Third-Quarter Earnings Nearly Triple on Strong Sales of Photovoltaic Cells and Modules Suntech Power Holdings Co. (NYSE: STP), China-based photovoltaic manufacture, saw its third-quarter earnings nearly triple on strong sales of PV cells and modules.
Net income tripled to $28.7 million (19 cents per share) from $7.7 million (7 cents per share) in Q3 2005. Results were in line analyst estimates. Adjusted earnings rose to $32.8 million (21 cents per share).
Revenue almost tripled to $163 million from $56.6 million last year, but fell short of the Wall Street estimate of $168 million. The company’s Japanese subsidiary, MSK Corp., accounted for 9 percent of sales.
Suntech forecasts Q4 revenues of $166-$170 million. The projection excludes MSK, which is expected to deliver sales of $60 million to $64 million.
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