Suntech Power Holdings Co., Ltd. (NYSE: STP), a leading manufacturer of photovoltaic (PV) cells and modules, announced fourth quarter results that showed an increase in profits of 61%.
Net income for the quarter increased to $50.6 million, or 29 cents a share, from $31.4 million, or 20 cents a share, a year earlier.
Q407 net revenues grew 82.5% to $397.5 million, compared to Q406, and reported FY07 revenue grew 125% to $1,348.3 million, compared to FY06.
Suntech increased PV cell production capacity from 420 megawatts (MW) at the end of Q307 to 540MW at the end of 2007.
Dr. Zhengrong Shi, Suntech’s Chairman and CEO said, "Our current capacity expansion is on track to hit our stated goal of 1GW PV cell production capacity by the end of 2008. The majority of this expansion will occur in the second half of 2008."
For the first quarter of 2008, Suntech expects revenues between $370 million and $380 million, with slightly higher gross margin than the year-ago quarter.
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech designs, develops, manufactures, and markets a variety of solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic (BIPV) products under the MSK brand.
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