Despite a year-over-year drop in income and revenue, Suntech Power Holdings (NYSE: STP) outperformed Wall Street forecasts for 3Q09 and improved on 2Q figures.
Net income for 3Q09 was $29.8 million, or $0.16 per American Depository Share (ADS), compared with $42.6 million, or $0.25 per ADS, a year earlier.
However, net income was up compared to $10.0 million, or $0.06 , in 2Q09. Analysts had predicted earnings of $0.08 per ADS, according to Thomson Reuters.
Year-over-year revenue fell 20% to $473.1 million, but was up 47.4% from 2Q09 and beat analyst forecasts of $426.6 million.
Suntech increased its full-year 2009 PV shipment target from 600 megawatts (MW) to a range of 640MW to 660MW.
The company also said it plans to increase total PV cell and module production capacity to 1.4 gigawatts (GW) by the middle of 2010.
"The significant pick up in demand was largely due to a seasonal rush before end-of-year policy adjustments and improving customer returns on investments in solar projects," Zhengrong Shi, Suntech’s Chairman and CEO, said.
"Complementing strong growth in the German market, we are particularly pleased to see 100% sequential shipment growth in the U.S. market and the rapid development of a number of non-traditional PV markets such as the Czech Republic, Benelux, China," he added.
Earlier this week, Suntech announced plans to build its first US manufacturing facility outside Phoenix, Arizona.
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