Suntech Power Holdings Co., Ltd. (STP), a maker of solar cells and modules, on Wednesday reported a surge in its fourth-quarter earnings on strong revenues and demand for its solar products. The Wuxi, China-based company also provided first-quarter and fiscal 2008 revenue outlook, which are below the Wall Street analysts' estimate. Subsequent to the announcement, Suntech's stock fell more than 17% in pre-market trading. The company's fourth-quarter net income was $50.62 million, or $0.29 per American depository share, or ADS, up from $31.42 million, or $0.20 per ADS, in the prior-year quarter. For the third quarter of 2007, the company's net income was $53.26 million, or $0.32 per ADS.On a non-GAAP basis, the company's quarterly net income rose to $58.2 million, or $0.34 per ADS, from $35.5 million, or $0.23 per ADS, last year. On average, 16 analysts polled by First Call/Thomson Financial expected earnings of $0.36 per share for the quarter.The company's non-GAAP income from operations was $58.5 million, a 71.2% rise year-over-year.Suntech's quarterly net revenues totaled $397.54 million, up 82.5% from $217.86 million a year ago. The Wall Street analysts were looking for revenues of $420.29 million. The company's third-quarter revenues reached $386.65 million. The company's total shipments for the fourth quarter were approximately 110MW. Standard Photovoltaic, or PV, Modules posted revenues of $392.9 million, while other revenues totaled $4.6 million. For fiscal 2007, Suntech reported a 61.6% increase in net income to $171.28 million, or $1.02 per ADS, from $106 million, or $0.68 per ADS, a year ago. The company's non-GAAP net income was $201 million, or $1.19 per ADS, 67.8% growth from last year.Full-year net revenues more than doubled to $1.35 billion from $598.87 million a year ago. Suntech also said that it named Jeffrey Shubert Director of Marketing of Suntech America and Director of Global Marketing Strategy. Shubert will be based at the company's U.S. headquarters in San Francisco and will lead the marketing team in the U.S.Shubert, who has over 20 years experience in strategic marketing in the U.S. and internationally, most recently served as Vice President, Client Service for Nimblefish Technologies. He was also a consultant to Cisco Systems, Inc. (CSCO).Looking ahead, Suntech expects first-quarter revenues in the range of $370 million - $380 million, while the analysts project revenues of $457.31 million. The company said that the outlook is in light of a seasonally slow quarter, the Chinese New Year holidays and severe weather conditions.The company also estimates fiscal 2008 revenues between $1.9 billion and $2.1 billion. The Street analysts anticipate revenues of $2.26 billion for the fiscal year 2008. The company's fiscal 2008 PV module shipments are expected to be 530MW, of which approximately 60% will be produced in the second half of 2008. Also, current capacity expansion is on track to achieve the goal of 1GW PV cell production capacity by the end of 2008, the company stated. Further, Suntech expects that the robust demand for its solar products will continue in 2009 as new solar markets in Italy, Greece and South Korea complement the demand in Germany, Spain and the U.S.STP closed Tuesday's regular trading session at $45.89, down $2.61, on a volume of 10.36 million shares. In pre-market trading, the company's shares fell $8.04 to $37.85.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.